Oddbins to be placed into administration
Following a meeting with creditors, it has been announced that UK off-licence chain Oddbins will be placed into administration at a court hearing on Monday 4 April.
Sources have revealed that the retailer’s largest creditor, HM Revenue & Customs – which is owed over £8.6m – decided against a Company Voluntary Arrangement (CVA) yesterday afternoon, ensuring that the business would be placed into administration before creditors were given the chance to vote on the CVA earlier today.
It is believed that creditors face receiving between 5 to 7 pence in the pound and that there is £3 million of stock in the retailer’s stores and warehouses, but it is unclear on what basis this has been valued.
It was also said that there are two to three interested parties in the retail brand.
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A full analysis of the impact of today’s news will come with tomorrow’s Finance on Friday newsletter.
Patrick Schmitt, 31.03.2011
