High street wine retailer Oddbins enters administration

Sat, 02 Feb 2019 | ADMINISTRATION



Off-licence chain Oddbins has gone into administration. Its owner, European Food Brokers (EFB) has blamed the tough high street conditions and economic uncertainty created by Brexit as the reason for the administration.

Philip Duffy and Matthew Ingram of Duff & Phelps have been appointed as joint administrators and will continue to run the business until a buyer can be found.

Philip Duffy said: "The continued decline in consumer spending, pointing to a squeeze on household finances, combined with rising living and national wages have put increased pressure on retailers’ bottom lines.

"As wages struggle to keep up with the pace of inflation and continued, deepening unease and uncertainty over Brexit, means consumers are cutting back on spending.

"Add into that mix rising business rates and rents and traditional bricks and mortar, retailers are undoubtedly feeling the strain.

"The joint administrators will continue to operate all stores as a going concern in the short-term whilst a financial review of all stores is completed, whilst a buyer is sought for the business and assets of the companies."

EFB, which continues to trade, was established in 1981 by Raj Chatha and was originally set up as an independent drinks distributor.

Since 2011, EFB has owned Oddbins and operates 101 off-licences as well as two convenience stores across the group.

Oddbins has about 45 outlets and previously went into administration in 2011 after HM Revenue & Customs declined to support a deal with its creditors.

Other brands that are affected include Wine Cellar Trading and Whittalls Wines Merchants.

For more news stories about administrations click here. For all our administrations listings, click here.


Share this article



Latest Businesses for Sale

Off-Licence & Convenience
Ibstock, Leicestershire, UK Wide

The business has been operated by the current vendors for over 25 years and this is the first time the site has been advertised on the open market for over 100 years. The business has built up an enviable reputation throughout the area for quality an...

Asking Price: £450,000
Turnover: £751,000

FREEHOLD


Convenience Retailer
Stoke-on-Trent, Staffordshire, UK Wide

A well-established business with a renowned reputation amongst local residents. This is a superb opportunity to take on a high turnover local business in an area teeming with customers. There has been a similar type of business at these premises sinc...

Asking Price: £450,000
Turnover: £1,090,000

LEASEHOLD


Musical Instrument Retail Business
Barrow-In-Furness, Cumbria, UK Wide

Well-established musical instrument retail business in Barrow-in-Furness, Cumbria. The business was established in 1977 and has been in our client`s careful ownership for the past 14 years. Only now is the business being offered to the market due to...

Asking Price: £360,000
Turnover: £402,000

FREEHOLD



View more businesses for sale

News Search

Latest News

 
15
 
Aug
 

Payroll and HR companies acquired by software group | BUSINESS SALE

IRIS Software Group has finalised the agreement of intent to...

 
14
 
Aug
 

NG Bailey’s acquisition of Freedom boosts its turnover by 16 per cent | BUSINESS SALE

Engineering and services group NG Bailey’s strategic a...

 
13
 
Aug
 

Forensic science equipment supplier completes MBO | MBO/MBI

A private equity firm has backed the management buyout of a ...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
22
 
Jan
 

Jewellery retailer enters administration | ADMINISTRATION

A Nottingham-based jewellery and watches company has fallen ...

 
15
 
Dec
 

Two pub companies enter administration | ADMINISTRATION

Mitchell’s of Lancaster (Brewers) Limited and York Bre...

 
29
 
Aug
 

Printing providers on the market for sale | BUSINESS SALE

An advertisement for London-based digital and litho printing...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources