Conviviality owns the Bargain Booze chain of stores, as well Wine Rack and the Matthew Clark wholesaler

A private equity firm that specialises in turnarounds is working with a former chief executive of Matthew Clark, the drinks wholesaler, on a possible acquisition of the business from the ruins of Conviviality.

Endless, whose investments include Theo Fennell, the jeweller, is understood to have teamed up with Steve Thomson, who led Matthew Clark for a decade until it was acquired by Conviviality in 2015. Endless already backs two companies chaired by Mr Thomson, Carpet & Flooring and Evo.

Among the other companies interested in Matthew Clark is C&C, the quoted drinks group behind Magners Irish cider and Tennent’s lager. Industry sources said that Anheuser-Busch Inbev, the brewer behind Budweiser and Stella Artois and one of the biggest suppliers to Matthew Clark, was also considering