// Oddbins has had large part of its business rescued from administration
// Jobs have been saved at all 28 stores
Oddbins has seen a “substantial part” of its business and assets sold out of administration, saving jobs in all 28 of its stores.
The name of the buyer and the exact number of jobs which have been saved have not been revealed.
Philip Duffy and Matthew Ingram, both of Duff & Phelps, were first appointed to Walsall-headquartered Wine Cellar Trading in February 2019 to rescue Oddbins’ remaining stores.
READ MORE: Oddbins edges closer to rescue deal
The company trades under various brands including Oddbins, Oddies, Simply Drinks, Simply Food & Drinks, Shop2Go and Booze Buster.
“The sale was achieved despite the current financial situation and secured the jobs of people employed in 28 stores,” a Duff & Phelps spokesperson said.
Shoosmiths LLP acted as legal advisers on the transaction.
European Food Brokers (EFB) had owned Oddbins since its previous administration in 2011.
In a statement released in February 2019, 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.
“The joint administrators will continue to operate all stores as a going concern in the short-term whilst a financial review of all stores is completed, whilst a buyer is sought for the business and assets of the companies.”
The Oddbins chain was founded in 1963 by Ahmed Pochee and previous owners have included US distribution company Seagram and French Groupe Castel.