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.
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