28 Oddbins stores saved after acquisition by unnamed buyer

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.


Share this article



Latest Businesses for Sale

Hot Beverage Products & Services Provider
South of England, UK Wide

Operating a Twin Sales Model. Two related businesses providing complementary services in the coffee industry with one a well-respected B2B brand for coffee tea and related consumables and equipment and one that works with distributors and manufacture...

Asking Price: Offers Invited
Turnover: £1,420,000

Bakery
Somerset, UK Wide

Long established, fully equipped and profitable bakery in an area of Somerset that is enjoying further development. A bakery has operated out of this location for over 40 years with our client trading in all of those years serving both local resident...

Asking Price: £79,950
Turnover: £468,000

LEASEHOLD


Classic French Bakery & Manufacturer
London, UK

Unique opportunity to acquire a classic French bakery in London. Now for sale on a Leasehold basis, this is the perfect opportunity for a buyer who has a background or knowledge in the production of luxury sweets or confectionery. Offers invited.

Asking Price: £200,000
Turnover: £378,215

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
07
 
Jul
 

Construction contractor owed creditors £11m when it collapsed | BUSINESS NEWS

Lancashire-based contractor Construction Partnership UK owed...

 
06
 
Jul
 

Aviation claims specialist enters administration | ADMINISTRATION

Didsbury-based aviation claims specialist Flight Reclaim has...

 
03
 
Jul
 

Next completes sale and leaseback of head office and warehouses | COMMERCIAL PROPERTY

High street fashion retailer Next Plc has confirmed the succ...

Free guide: 10 Biggest Buyer Mistakes

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

Email


Related News

 
07
 
Jul
 

Construction contractor owed creditors £11m when it collapsed | BUSINESS NEWS

Lancashire-based contractor Construction Partnership UK owed...

 
19
 
Jun
 

Living Ventures places Blackhouse and Newgate into administration | ADMINISTRATION

Living Ventures has placed its Blackhouse and Newgate restau...

 
11
 
May
 

Arlington Automotive Group calls in administrators | ADMINISTRATION

Car component supplier Arlington Automotive Group has appoin...

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