CONVIVIALITY Retail, the owner of the Bargain Booze off-licence chain, has parted ways with Oriel Securities less than four months after hiring the firm as joint-broker ahead of its £64m stock market debut.
The company said yesterday that it has hired Panmure Gordon as joint broker, working alongside Zeus Capital, after putting the position out to tender.
The change will come as a blow to Oriel, which helped launch Conviviality on London’s Alternative Investment Market in July, with the firm’s founder Simon Bragg leading the advisory team.
It is understood that Conviviality decided to put the position out to tender because of the staff changes and exits at Oriel.
However a person familiar with the mid-cap broker said its position was only a temporary one and that Oriel had been brought in to work primarily on the initial public offering.
Oriel has been hit hard by the weak trading environment since the financial crisis. However the firm struck a deal with Canadian bank CIBC last month that will see it take a loan from its larger peer and work together on deals.