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Deloitte begins hunt for Oddbins buyer 5 April 2011

Lee Manning and Matthew Smith, partners at business advisory firm Deloitte, were appointed on Monday April 4 as joint administrators to Oddbins Limited and Oddbins Properties Limited.

The wine retailer has 89 stores across the UK and Ireland, around 400 employees and maintains an annual turnover of £75m, including £2m of online sales.

Oddbins had planned to restructure its debts through a company voluntary agreement (CVA), but after HM Revenue and Customs refused to back the CVA, the business was left with no other option but to enter administration.

The administrators have been in discussions with several interested parties to provide the funding to recapitalise the business.

Manning, joint administrator and partner in Deloitte’s reorganisation services team, 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.”

 

 

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