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Deloitte appointed as Oddbins administrators

Published:  04 April, 2011

Lee Manning and Matthew Smith, partners at Deloitte have been appointed as joint administrators to Oddbins and Oddbins Properties.

Oddbins had planned to restructure its debts through a company voluntary agreement (CVA), however it was unable to persuade creditors to accept lower repayments as part of the deal.

The administrators have been in discussions with several interested parties to provide the necessary funding required to recapitalise the business.

Manning said: "We are pleased to have received interest from a number of parties interested in buying the business."

He added that Oddbins will continue to trade while looking for a buyer and employees will continue to be paid.

Oddbins, which has 89 stores across the UK and Ireland, employs around 400 employees.

Deloitte documents showed Oddbins to be in arrears by £20 million.