Oddbins enters administration
Published: 04 April, 2011
Administrators have been appointed at the troubled wine retailer, Oddbins
Lee Manning and Matthew Smith, partners at business advisory firm Deloitte, have today been appointed joint administrators to Oddbins and Oddbins Properties.
Oddbins, a wine retailer with 89 stores across the UK and Ireland, employs around 400 employees. The company has an annual turnover of £75m, including £2m of online sales. Oddbins had planned to restructure its debts through a CVA. However, the company did not receive the full support of all of its creditors and as a result the business was left with no other option but to enter into administration
The administrators have been in discussions with several interested parties to provide the necessary funding required to recapitalise the business.
Lee Manning, joint administrator and partner in Deloitte’s reorganisation services team said: "We are pleased to have received interest from a number of parties interested in buying the business. We will continue to trade the company while seeking a sale as a going concern. Employees will continue to be paid and will be fully briefed.”
