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Oddbins goes into administration

Apr 04 2011 18:26 Reuters

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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.

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