Bestway Group, the owner of Bargain Booze, Wine Rack, and Central Convenience, saw its FY20 losses climb over 32% year-on-year to £8.2m.
The wholesaler and retailer of beers, wines, spirits, tobacco, grocery, and confectionary products saw the increased losses despite group revenues rising 2.4% year-on-year to £388.5m for the year ended 30 June 2020.
Bestway also improved its net liability position during the financial year from £7m to £15.2m at the period end.
The group said that its working capital position has also improved “as the business has stablised due to improved stock and debtor management following acquisition last year”.
However, the retailer also reported that its store numbers has fallen from 631 in FY19 to 587 the following year.
It added: “Within the year the group has taken steps to stabilise the business following its acquisition by the wider Bestway Group, with key achievements being transferring leases for the corporate store estate after an initial portfolio review, stablisiing the supply chain and rebuilding franchisee loyalty.
“Since March 2020 the group has seen a significant increase in sales from its stores following the Covid-19 pandemic due to changes in consumer demand and shopping habits.”