Loading...
See More

Oddbins goes into administration

Apr 04 2011 18:26 Reuters

Related Articles

Cheers for auctioneers

Verdict in winemaker, Land Bank case soon

UK retailers buy less SA wine

Liquor merger threatened

Woolies moves into liquor market

Liquor Bill threatens 2 400 jobs

 
London - Struggling wine retailer Oddbins has become the latest victim of a downturn in UK consumer spending and intense competition from supermarkets, collapsing into administration and threatening 400 jobs.

Deloitte, the business advisory firm, said on Monday it had been appointed administrator to the Oddbins chain, which trades from 89 stores across the UK and Ireland.

On Thursday Oddbins had said it expected to go into administration after it failed to get backing from major creditor, Her Majesty's Revenue & Customs (HMRC), for a company voluntary agreement (CVA).

Deloitte said it had been in talks with "several interested parties" to provide the necessary funding required to recapitalise the business.

It added that Oddbins would continue to trade whilst a sale of the business as a going concern was sought.

First Quench Retailing, owner of Threshers and Wine Rack, went into administration in 2009.

wine industry
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 
 

3 sports games you have to watch this weekend

Whether it’s date night or a braai with buddies, plan around these three exciting sporting games!

 
 

Men24.com

And this year's Miss Bumbum title goes to...
How to maintain your mo, bro
Hottie of the day: Colette
Pro-skater Tony Hawk rides a hoverboard!

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...