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.
This bustling and profitable pub/restaurant, situated in a prime trading location, is now on the market due to the owner's retirement plans.
LEASEHOLD
Based in inner London, the business is a loved neighbourhood café and delicatessen, serving a range of artisan and specialty products. The main revenue drivers are the espresso coffee, served behind the counter, and the retail coffee, served on the s...
LEASEHOLD
The business was first established by our client in 2020, building up an excellent reputation and regular customers. As seen by the many fantastic online reviews and ratings, the business is extremely popular within the local community. The business...
LEASEHOLD
23
|
Apr
|
Furniture retail group acquires stock and IP of e-commerce firm | BUSINESS SALE
Flair Furniture, a retail group based in West Yorkshire, has...
23
|
Apr
|
UK administrations update: April 17 – 23 | ADMINISTRATION
Since our last update, the following businesses have been co...
23
|
Apr
|
TC Group merges with Rochester accountancy | MERGER
TC Group has continued to expand through strategic M&A after...
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
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.