The Financial Reporting Council said in June that KPMG, one of the world’s "big four" accounting firms, had shown an "unacceptable deterioration" in how it audits top British firms and will be the first to undergo special supervision. “Our audit of the company’s financial statements for the year ended 30 April 2018 had not yet commenced at the point which administrators were appointed.”

Conviviality fell into administration on April 5, 2018 after a string of profit warnings and the discovery of a £30 million tax bill, which was revealed to markets in March. The retail arm, which included Bargain Booze, Wine Rack, WS Retail and Select Convenience, was then bought by food wholesaler Bestway in a £7 million deal. The collapse of the once-respected stock market firm came after three profit warnings in as many weeks, the first of which was blamed on an arithmetical error by a member of the finance team.
The UK's Financial Reporting Council launches an investigation into financial services provider KPMG over its most recent audit of Convivality, the defunct owner of retail chain Bargain Booze.