Oddbins administrators remain optimistic of sale

Tue, 10 Mar 2020 | BUSINESS SALE

Administrators of the parent company of high-street wine merchants Oddbins, Whittalls Wines Merchants and Wine Cellar Trading remain hopeful that a significant number of stores can be sold to a preferred bidder.

EFB Retail Ltd., Whittalls Wine Merchants 1 Ltd., Whittalls Wine Merchants 1 Ltd., and Wine Cellar Trading Ltd. have been trading under Duff & Phelps since entering administration in January 2019 citing Brexit, economic uncertainty and a poor Christmas trading period.

The companies were also affected by HMRC revoking the excise approval of parent company and chief supplier European Food Brokers Limited (EFBL), which lost its bonded warehouse, affecting cashflow.

The administrators identified 43 unprofitable stores, before closing 5 more, leaving 53 trading. A rescue plan involving the sale of some stores to an anonymous preferred buyer was drawn up last year.

In a notice filed last week, joint administrators Philip Duffy and Matthew Ingram said the proposed buyer had been informed the businesses will be wound down if the deal is not completed with the next month, stating that it was unfeasible to continue trading under administration indefinitely.

The administrators said that they remained hopeful of selling the stores to the preferred bidder and would still prefer to sell to a purchaser who would take a significant number of stores.

However, they added that there have been numerous offers to acquire stores on a piecemeal basis and that these interested parties could be approached in order to maximise returns for creditors.

The administration period has been extended until January 2021, but Duff & Phelps say they do not think they will still be trading the comapnies before the end of the next reporting period on August 29.

The administrators have forecast sufficient asset realisations to enable a distribution to be made to secured creditors, with £56,804 of £551,000 owed having been collected so far.

The companies’ gross sales stand at £24.9 million for the year to January 29, 2020. They held no freehold property at the time of administration, operating instead from 101 UK leasehold sites, with head offices in London and Walsall. Assets including four vehicles are also up for sale.

Share this article

Latest Businesses for Sale

North West, UK

Trading over 20 years, Town centre location, 7 staff all part time. Well established delicatessen based in the Ribble valley. Offers invited.

Asking Price: Offers Invited
Turnover: £380,000

High End Restaurant
North West, UK

Award winning high end restaurant, based in Lancashire, Significant investment in recent years has created a platform for further growth. Featured in the Michelin guide. Freehold property within an attractive rural setting. Large car park. Offers inv...

Asking Price: Offers Invited
Turnover: £325,000


Pizza & Kebab Takeaway
Suffolk, UK Wide

The business for sale is a popular takeaway located in Ipswich. Mostly serving pizzas and kebabs, the business has quickly gained a great local reputation for their delicious food and friendly service. Excellent reputation. Loyal customer base. Huge...

Asking Price: £140,000
Turnover: £416,000


View more businesses for sale

News Search

Latest News


M&G completes purchase of Ascentric platform from Royal London | BUSINESS SALE

Asset manager M&G has completed the purchase of wealth manag...


Food-to-go supplier calls in administrators | ADMINISTRATION

Adelie Foods, one of Britain’s biggest suppliers of sa...


Luxury fashion brand DVF Studio enters administration | ADMINISTRATION

DVF Studio, the UK business of fashion designer Diane von Fu...

Free guide: 10 Biggest Buyer Mistakes

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


Related News


Arlington Automotive Group calls in administrators | ADMINISTRATION

Car component supplier Arlington Automotive Group has appoin...


Liverpool’s Shankly Hotel goes into administration | ADMINISTRATION

Liverpool’s well-known Shankly Hotel, run by Lawrence ...


Insurance broker bought out of administration | BUSINESS SALE

Flintshire-based insurance broker Staveley Head has been acq...

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