Deloitte administrators called to Oddbins
Off licence business appoints Deloitte partners Lee Manning and Matthew Smith as joint administrators
DELOITTE ADMINISTRATORS have been called in to off licence company Oddbins.
Lee Manning and Matthew Smith, partners at Deloitte, have today been appointed joint administrators to Oddbins and Oddbins Properties.
The off licence business has 89 stores across the UK and Ireland and employs about 400 staff.
Manning, 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 whilst seeking a sale as a going concern. Employees will continue to be paid and will be fully briefed.”
Oddbins had hoped to restructure and repay debts through a Company Voluntary Agreement (CVA). This would have contracted the business to pay a portion of money owed over a set period of time. It needed 75% of creditors, by value, to vote in favour, to be approved.
However, the company was unable to obtain a high enough creditor backing to approve the CVA and has now entered administration.
It is understood the business, which has an annual turnover of £75m, owes HM Revenue & Customs £8m.
