Oddbins: buyers’ interest grows
- Tuesday 5 April 2011
Following a 30-minute hearing yesterday in the High Court, London Oddbins Ltd and Oddbins Properties Ltd were put into administration. Lee Manning and Matthew Smith, partners at business advisory firm Deloitte, have been appointed joint administrators for the two companies.
Oddbins was placed in administration on the basis of a pending sale of the business and the need to keep it and its assets viable during this process. It was not put into administration as a going concern as it was insolvent both with respect to its cash flow and balance sheet.
“We have received a number of expressions of interest,” Lee Manning told decanter.com. “Some are interested in the whole portfolio, others in some of the shops, while others are just interested in the stock. I would say the number of expressions of interest is still in single figures but it is now approaching double.”
“Some of the parties are in the wine trade, some outside. However, we haven’t received any offers yet. I expect this initial process to probably take at least another week before we start moving forward."
"We will continue to trade the company whilst seeking a sale as a going concern. Employees will continue to be paid and will be fully briefed.”
British Gas’ winding up order was dismissed yesterday. It is understood that there were at least two other winding up orders served on the company. One from Pol Roger Ltd, owed £273,612, was withdrawn as they wanted Oddbins to survive.
Click here to see the Decanter magazine Editor, Guy Woodward, on Oddbins' demise.