BusinessBusiness RecoveryDeloitte administrators called to Oddbins

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.

Related Articles

SFP sells off Pixel Projects and saves all staff

Business Recovery SFP sells off Pixel Projects and saves all staff

1y Stephanie Wix, Writer
Administrators from KPMG appointed to City Motor Holdings

Business Recovery Administrators from KPMG appointed to City Motor Holdings

1y Richard Crump, Writer
Begbies Traynor appointed administrators of William Anelay

Accounting Firms Begbies Traynor appointed administrators of William Anelay

1y Richard Crump, Writer
Smith & Williamson appointed administrators of 4Children

Accounting Firms Smith & Williamson appointed administrators of 4Children

1y Richard Crump, Writer
Cowgill Holloway concludes sale of film distributor Metrodome

Accounting Firms Cowgill Holloway concludes sale of film distributor Metrodome

1y Richard Crump, Writer
Number of winding up petitions filed by HMRC rises by 13%

Business Recovery Number of winding up petitions filed by HMRC rises by 13%

1y Richard Crump, Writer
FRP Advisory sells Harland Machine Systems to Accraply Europe

Accounting Firms FRP Advisory sells Harland Machine Systems to Accraply Europe

1y Richard Crump, Writer
CVR Global sells DMG Steelworkers out of administration in pre-pack deal

Accounting Firms CVR Global sells DMG Steelworkers out of administration in pre-pack deal

1y Richard Crump, Writer