Oddbins to enter administration

31 March, 2011

Oddbins will formally enter administration on Monday after HM Revenue & Customs refused to back a rescue package at a meeting in London this morning.

Lee Manning of accountancy firm Deloitte will lead the administration team and said there were already parties interested in buying the chain as a going concern, including one from the retail trade.

Deloitte’s has again revised downwards the prospective dividend that will accrue to unsecured creditors to between 5p and 7p. The figure had already been cut from 13.5p to 7.5p yesterday.

A statement released by Oddbins said: “Unfortunately, despite ongoing discussions with HMRC over the last four weeks the decision was made late yesterday not to support the CVA.

“As HMRC is a significant creditor this means that the CVA cannot proceed.

“Oddbins is expected to go into administration on Monday, April 4, following the court hearing of the administration application.”

Deloitte confirmed at today’s CVA meeting that, not including the HMRC vote, there was an 84% value vote in favour of the CVA. HMRC’s share of the vote was 30%.

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