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Oddbins goes into administration | Oddbins goes into administration |
(about 3 hours later) | |
Wine retailer Oddbins has gone into administration, but all of its 89 stores will remain open for now. | |
Administrators Deloitte said they were hopeful of selling Oddbins as a going concern and had been contacted by "a number" of interested parties. | |
Oddbins tried to avoid administration by getting creditors to accept lower repayments, but one of the biggest, HM Revenue and Customs, refused. | |
Oddbins recently shut 39 stores amid stiff competition from supermarkets. | |
The company, which employs 400 staff, is not the first specialist wine retailer to be squeezed out by supermarkets. | |
Threshers-owner First Quench collapsed in 2009, while the Unwins chain folded in 2005. | |
Lee Manning, one of the newly-appointer administrators, added: "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." | Lee Manning, one of the newly-appointer administrators, added: "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." |
Last week, Oddbins said that a majority of creditors had voted in favour of the rescue plan, known as a Company Voluntary Agreement (CVA), and wanted to see the company continue trading. | |
It had proposed paying creditors 21% of the money they were owed. | It had proposed paying creditors 21% of the money they were owed. |
But the opposition of HMRC - which is owed £8m by the chain - meant the CVA could not proceed. | |
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