High Street

Oddbins falls into administration

Off licence chain Oddbins has fallen into administration with parent company European Food Brokers (EFB) blaming the deterioration of the high street, Brexit and “economic uncertainty”.

Duff & Phelps has been appointed to run the business and help it to find a buyer. Oddbins has 45 outlets across the UK and its sister brands Wine Cellar Trading and Whittalls Wines Merchants are also affected.

EFB employs roughly 550 staff but Duff & Phelps did not confirm how many jobs would be at risk. The company last went into administration in 2011 after HMRC refused to support a deal with its creditors.

Joint administrator Philip Duffy said: “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 added: “The deterioration of the high street, combined with the continuing economic uncertainty surrounding the withdrawal of the UK from the EU, has resulted in an unsustainable, tough physical retail market.”

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