Chain collapse cost 732 jobs

04 May, 2012

It has emerged that the number of people who lost their jobs in last year’s collapse of Simon Baile’s Oddbins was almost twice that stated by administrator Deloitte at the time.

The accountancy firm has admitted that the figure of 400 expected redundancies given out in April 2011 – when the company was placed into administration – was “understated” and that 732 people were actually put out of work.

It has also been revealed that trade creditors of Oddbins will receive just 1p for every pound they are owed as the outcome of the company’s administration.

French-owned retailer and one-time Oddbins sister company Nicolas has received £1.2 million as a secured creditor of the collapsed Oddbins – the only payout to date.

A further sum of £67,000 is still to be paid to Nicolas.

The administrator raised £2.5 million from the sale of stock, leases, freehold properties, goodwill and intellectual property.

Deloitte has drawn fees amounting to £1.4 million relating to the administration and paid out more than £200,000 in costs to legal firms.

Since the administration, a reduced-size Oddbins chain has enjoyed a new lease of life under the management of European Food Brokers, which bought a package of shops from Deloitte shortly after the administration and later acquired the rights to the Oddbins name.

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