Tue, 15 Mar 2011 | ADMINISTRATION
A CVA process has begun at Oddbins due to difficult market conditions, with the sale of a third of its stores.
The Company Voluntary Arrangement is part of a restructuring process for the off-licence chain. About 15 head office staff out of 60 will lose their jobs.
A third of Oddbins’ stores are to be sold off, while the landlords of the remaining 89 stores will be asked to accept lower rents. WineShak and Corks Out are thought to be potentially interested in acquiring some of the shops.
Oddbins managing director Simon Baile called in Spectrum Corporate Finance over a week ago to assess its strategic options, to include identifying fresh investment.
“We have proven that Oddbins is a relevant brand in the market and, despite continued tough trading conditions, we have been able to grow like-for-like sales,” Mr Baile said.
“The business, however, has been under continuous pressure as a result of legacy issues as well as challenging market conditions, which means it cannot continue in its current form,” he added.
Mr Baile, son of former Oddbins boss Nick Baile, has been running the off-licence chain since 2008.
Oddbins Limited reported revenues of over £67 million for the year ending 31 December 2009, with losses of £4.5 million.
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