Bestway Group, one of Britain’s biggest privately owned companies, is preparing to launch a formal financial restructuring process for its Bargain Booze and Wine Rack chains of off-licences.

Sky News has learnt that the group has informed landlords about plans for a company voluntary arrangement (CVA) for its Bestway Retail arm.

Property sources said the conglomerate, founded and chaired by Sir Anwar Pervez, wanted to exit dozens of leases tied to shops which lie vacant within its retail estate.

One said that about 35 which were not currently trading would be compromised in full under the plan.

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Roughly 10 further sites would seek rent reductions from landlords.

One real estate insider said the company had been unable to exit the leases because of landlords’ unwillingness to negotiate over them.

The CVA is expected to be launched before Christmas and is being overseen by PricewaterhouseCoopers, the sources added.

No jobs would be lost as a result of the restructuring.

Bestway’s retail arm is said to comprise about 200 stores, largely operating under the Bargain Booze and Wine Rack brands.

It acquired the estate for just £7m from the wreckage of Conviviality after its collapse in 2018.

Bestway comprises operations in food wholesaling, the Well pharmacy chain, cement, real estate and United Bank, one of Pakistan’s biggest lenders.

Bestway did not respond to several requests for comment over a period of several days.