Conviviality, owner of Bargain Booze and Wine Rack Brands has switched focus from its franchised off license business to drinks wholesale and distribution, according to a statement made in its annual results.

The statement reads: "During the past financial year the transformation of Conviviality from its foundations as a franchised off licence business into the UK’s leading drinks wholesaler and distributor has been further underpinned."

The company expanded aggressively in 2016, acquiring rival drinks distributors Bibendum PLB Group and Matthew Clark as part of this strategic shift. Conviviality cites these additions and the restructuring of the business as major reasons behind their near doubling of annual revenue to £1.56 billion.

Despite the focus shift, the company’s 370 franchisees have continued to perform well, with the company’s retail arm delivering £374m of revenue last year, up 6.1%. Figures show the company made up for low sales in the first half of the year with a more successful second half.

The company’s CEO Diana Hunter stated: “It is encouraging to see our customers and suppliers benefiting from the skills and the expertise of the enlarged Group, its scale and reach and its positioning as the UK’s leading drinks wholesaler and distributor.”

Hunter concluded: “I would like to thank our passionate and talented team, as well as our suppliers, our customers and our Franchisees, for their loyal support through what continues to be an exciting journey for Conviviality.”