Investors in Conviviality are considering the possibility of legal action against the board of the company amid claims they were misled over its financial health.
According to The Times, the rapid demise of the drinks retailer and supplier has provoked suspicions about when the board first had concerns over its trading and financial position.
Last week Conviviality announced its intention to appoint administrators, placing 2,600 jobs at risk.
The news came after as recently as May last year the owner of Bargain Booze and Wine Rack reported group sales had reached £1.56bn, and in November it had a stock market value of almost £750m.
Investors are suggesting that signs should have been there long before its first profit warning. They are likely to focus on the £25m equity funding in order to purchase 127 stores from the collapsed supply firm Palmer and Harvey back in December.
Following the equity funding Conviviality reported numerous profit warnings and also admitted it forgot to add a £30m tax bill to its financial statement which was only discovered on the 13 March.
Culminating in the announcement on 29 March that that it was preparing to appoint administrators within the next 10 days after an emergency £125m sale had failed.