Oddbins applies for administration

25 March, 2011

Oddbins has applied to the courts go into administration to stave off winding-up orders from creditors ahead of next Thursday's meeting to vote on a proposed company voluntary arrangement.

The company described the move as a "precautionary measure".

It gives Oddbins a 10-day immunity against winding-up orders and will allow the CVA vote to take place at a meeting of creditors as scheduled.

If the vote goes against the firm and creditors refuse to accept the terms of the CVA then the company is almost certain to formally enter administration.

The proposed CVA is asking creditors to accept 21p in the pound in settlement of debts.

British Gas is believed to have applied for a winding-up order against Oddbins. Documents relating to the CVA issued by accountancy firm Deloitte list Brits Gas Business as a creditor to the tune of £57.65.

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