// Oddbins has officially appointed Duff & Phelps as administrators
// This marks the second time it has collapsed in less than 10 years
// It is understood that the entire retail arm of its parent company has entered administration
Oddbins has officially appointed Duff & Phelps as its administrators as the “continued decline in consumer spending” causes the retailer to collapse for the second time in less than 10 years.
The off-licence retailer, which trades across 101 stores under various names including Oddies, Simple Drinks, Simple Food & Drinks, Booze Buster and Shop2Go, announced earlier this week that it was exploring an administration.
Sky News reported that Oddbins parent company European Food Brokers (EFB) – which also owns Wine Cellars and Whittals Wine Merchants – appointed Duff & Phelps to consider the company’s options.
It is understood that EBF’s retail arm, which bought Oddbins out of administration in 2011, will enter administration, threatening 550 jobs if a buyer is not found.
“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,” joint administrator Phil Duffy said.
“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.”