Deloitte administrators sell Oddbins stores

DELOITTE ADMINISTRATORS have sold 37 stores at collapsed off-licence business Oddbins.

Lee Manning and Matthew Smith were appointed joint administrators to Oddbins and Oddbins Properties on 4 April.

Of 89 stores, the duo managed to sell 37 to European Food Brokers, which trades as Whittall's Wine Merchants.

Manning, partner at Deloitte, said: "We are delighted to be able to announce this sale and confirm the securing of 200 jobs. We are currently engaged in a range of discussions regarding the sale of the remaining 48 open stores and are confident of an imminent deal."

It is thought that the administrators closed four stores on appointment, however the firm was unable to comment at the time of publication.

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 an agreed period of time. It needed 75% of creditors by value to vote in favour in order to be approved, however it was unable to achieve this.