Duff and Phelps has helped to save 28 Oddbins stores from administration, after brokering a deal with an unnamed buyer.
Philip Duffy and Matthew Ingram, both of Duff and Phelps, announced the sale of a “substantial part” of the business and assets of Whittalls Wine Merchants and associated companies which traded as Oddbins.
A spokesperson for Duff and Phelps stated: “The sale was achieved despite the current financial situation and secured the jobs of people employed in 28 stores.” Shoosmiths LLP were the acting legal advisers on the transaction.
Duff & Phelps were then appointed to run the business and help it to find a buyer. The company last went into administration in 2011 after HMRC refused to support a deal with its creditors.
Duffy said at the time: “The continued decline in consumer spending, pointing to a squeeze on household finances, combined with rising living and national wages have put increased pressure on retailers’ bottom lines.
“As wages struggle to keep up with the pace of inflation and continued, deepening unease and uncertainty over Brexit, means consumers are cutting back on spending. Add into that mix rising business rates and rents and traditional bricks and mortar, retailers are undoubtedly feeling the strain.”
EFB employed roughly 550 staff and Oddbins had around 45 outlets across the UK.