How could Bargain Booze closures affect the high street?

As much as 1m sq ft of high street retail space could be at risk if Bargain Booze owner Conviviality goes into administration.

The retail business, which also owns the high street chain Wine Rack, has said that it is planning to appoint administrators following a profit warning, a forgotten £30m tax bill and failure to raise an emergency £125m cash injection.

Molly Johnson-Jones, retail analyst at GlobalData, said: "At a time of tough trading conditions when companies need to focus on their best performing core areas, Conviviality took its eye off the ball in search of new growth. Add in the accounting errors and hidden margin erosion and we can see the reasons for Conviviality’s demise."

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