Lee Anthony Manning and Matthew David Smith were appointed Joint Nominees for the proposed Company Voluntary Arrangements of Oddbins Limited and Oddbins Properties Limited, together “the Companies” on 15 March 2011. The affairs, business and property of the Companies continue to be managed by the directors of the Companies.
Initial forecasts had speculated that creditors would be set to receive 13 pence in the pound. However, Oddbins creditors face receiving just 7.5 pence in the pound should the Company Voluntary Arrangement not be accepted at tomorrow’s creditors meeting in London, after forecasts for payouts should the retailer enter administration were downgraded.
If the CVA is rejected on the Thursday 31 March the company will placed into administration at a court hearing on 4 April.
The Company Voluntary Arrangement is part of a restructuring process for the off-licence chain. About 15 head office staff out of 60 will lose their jobs. A third of Oddbins’ stores are to be sold off, while the landlords of the remaining 89 stores will be asked to accept lower rents. WineShak and Corks Out are thought to be potentially interested in acquiring some of the shops.
It really is tough times for the retail off licence industry. Which is under the spotlight yet again this week as it was announced Britain’s oldest off licence – Bakers Wine Merchants in Bishop’s Waltham, Hampshire, has been forced to close.