BusinessBusiness RecoveryOddbins set for Monday administration

Oddbins set for Monday administration

Deloitte lined up for Oddbins administration after CVA deal blows out

DELOITTE ADMINISTRATORS have been lined up for Oddbins after a deal to rescue the off-licence chain fell through.

A deal to place Oddbins, which employs 400 staff across 89 stores, into a company voluntary arrangement (CVA) collapsed after major creditor HM Revenue & Customs voted against the proposal, reported the Guardian.

The chain is likely to enter administration on Monday, with Deloitte staff expected to take the appointment.

It is understood that the chain owes HMRC around £8m in tax.

HMRC was unable to discuss the specifics about a particular client, but said that in general it supports businesses but will do what is right for the country’s finances.

 

(Picture © Kake Pugh, via Flickr)

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