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Oddbins goes into administration Oddbins goes into administration
(about 3 hours later)
Oddbins has appointed partners at Deloitte as joint-administrators. Wine retailer Oddbins has gone into administration, but all of its 89 stores will remain open for now.
The wine retailer was unable to persuade creditors to accept lower repayments as part of a rescue deal. Administrators Deloitte said they were hopeful of selling Oddbins as a going concern and had been contacted by "a number" of interested parties.
HM Revenue and Customs - one of Oddbins' biggest creditors - refused to back the Company Voluntary Agreement. Oddbins tried to avoid administration by getting creditors to accept lower repayments, but one of the biggest, HM Revenue and Customs, refused.
The administrators said they were keeping the retailer's shops open and had been contacted by "a number of parties interested in buying the business". Oddbins recently shut 39 stores amid stiff competition from supermarkets.
Going concern The company, which employs 400 staff, is not the first specialist wine retailer to be squeezed out by supermarkets.
Oddbins managing director, Simon Baile, also said a number of potential investors had expressed interest in buying the business, or parts of it, as a going concern. 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."
Oddbins said that a majority of creditors at a meeting earlier had voted in favour of the rescue plan and wanted to see the company continue trading. 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 meant the CVA could not proceed, Oddbins said. But the opposition of HMRC - which is owed £8m by the chain - meant the CVA could not proceed.
Oddbins has 89 stores in the UK and Ireland, and employs 400 staff.
Specialist wine retailers have suffered from stiff competition from supermarkets.
Threshers-owner First Quench collapsed in 2009.