Wed, 03 Jun 2020 | BUSINESS SALE
28 Oddbins stores will remain open after the off-licence retailer was bought out of administration by an unnamed buyer. Administrators Duff & Phelps announced the sale, saying the buyer had acquired a “substantial part of the business and assets” of Whittalls Wine Merchants and associated companies, which traded as Oddbins.
Joint administrators Philip Duffy and Matthew Ingram added that “the sale was achieved despite the current financial situation and secured the jobs people employed in 28 stores”. Shoosmiths LLP acted as legal advisers on the transaction, which saw 26 stores permanently close. No further details on the buyer or how many jobs will be saved have been given.
Oddbins entered administration in January 2019 citing Brexit uncertainty and tough trading conditions on the British high street. It was later revealed that it had also suffered as a result of HMRC revoking the excise approvals of European Food Brokers Limited, its parent company and chief supplier.
A rescue plan from the company’s former owners came out in June last year before a creditor report last September confirmed the terms of a sale of some stores to an anonymous buyer. In February, Duff & Phelps said that due diligence and final discussions on the sale were happening and it was expected to be completed by the end of May.
However, in early March Duff & Phelps informed the buyer that unless the deal was completed within a month Oddbins would be wound down. The COVID-19 pandemic then raised concerns that administrators would not be able to offload stores and the administrators said it was unlikely any further trading activity would occur at that time, but that stores may be sold once the pandemic died down.
View the latest distressed UK businesses here.
Find businesses for sale here.
A long-established business which has been owned and operated by the owners for in excess of 12 years. The premises is well presented throughout, with quality fixtures, fittings and equipment included within the sale price.
FREEHOLD
Greek food delivery business based in the busiest part of London. The business is operating for more than 3 years and serving bar customers, the worker's lunch with a kiosk facing the street, and also delivery platforms (Deliveroo, Uber Eats, and Ju...
LEASEHOLD
A technology focussed company, operating an international private chef service where it provides its clients with restaurant quality experiences at affordable prices in the comfort of their own homes or holiday accommodation. As an innovative oper...
LEASEHOLD
30
|
Jan
|
Bakery manufacturer acquired at 6.3x underlying earnings | BUSINESS SALE
Bakery firm Lees Foods has been acquired by listed bakery bu...
30
|
Jan
|
“Unique” intellectual property for sale as disability equipment firm enters by liquidation | ADMINISTRATION
The assets and intellectual property of disability equipment...
27
|
Jan
|
Administrators to sell assets as office furniture maker collapses | ADMINISTRATION
Bluespot Furniture, a West Yorkshire-based furniture manufac...
Sign up to receive our acquisition alert emails to get your FREE guide
28
|
Oct
|
Arlington Automotive acquired out of administration by Ricor Global | BUSINESS SALE
Arlington Automotive North East has been acquired out of adm...
22
|
Jul
|
Essex-based cruise line goes into administration | ADMINISTRATION
Cruise & Maritime Voyages (CMV) has gone into administration...
07
|
Jul
|
Construction contractor owed creditors £11m when it collapsed | BUSINESS NEWS
Lancashire-based contractor Construction Partnership UK owed...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources