Off licence chain Oddbins has gone into administration for the second time in a decade, following a “continued decline in consumer spending”.
Administrator Duff & Phelps (D&P) has been appointed to run Oddbins, which has around 45 stores, while it attempts to find a buyer.
European Food Brokers Limited (EFB), which has owned Oddbins since its previous administration in 2011, operates 101 off licences and two convenience stores across the group. EFB continues to trade and is not an entity that has entered administration.
D&P managing director, Phil 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.”
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