Retail Chain Oddbins Secures 28 Stores Amid Economic Challenges
- 28 Oddbins stores saved from administration by unnamed buyer
- Off-license retail chain Oddbins secured jobs of people employed in 28 stores
- Duff and Phelps appointed to run the business and find a buyer
- Oddbins fell into administration due to high street deterioration, Brexit, and economic uncertainty
- EFB employed roughly 550 staff and had around 45 outlets across the UK
Off-license retail chain Oddbins has managed to save 28 of its stores from administration, thanks to an unnamed buyer. The sale of a ‘substantial part’ of Whittalls Wine Merchants and associated companies, which traded as Oddbins, was announced by Duff and Phelps. A spokesperson for the firm stated that the sale was achieved despite the current financial situation and secured the jobs of people employed in these stores. Shoosmiths LLP acted as legal advisers on the transaction. Oddbins had previously gone into administration in 2011 due to HMRC’s refusal to support a deal with its creditors. The company blamed the deterioration of the high street, Brexit, and economic uncertainty for its financial struggles. Duff and Phelps were appointed to run the business and find a buyer. EFB, which employed around 550 staff members, had approximately 45 outlets across the UK.
Factuality Level: 8
Factuality Justification: The article provides accurate information about the sale of Oddbins stores and the reasons behind its administration. It cites sources and experts for their opinions on the situation, but lacks some details on the buyer’s identity.
Noise Level: 3
Noise Justification: The article provides relevant information about the sale of Oddbins stores and the reasons behind its administration. However, it lacks in-depth analysis or exploration of long-term trends or possibilities, accountability, scientific rigor, and actionable insights.
Financial Relevance: Yes
Financial Markets Impacted: Oddbins, European Food Brokers (EFB), and associated companies
Financial Rating Justification: The article discusses the sale of Oddbins stores and its impact on employees and parent company EFB, which is related to financial situations and business operations.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the text. The article discusses the sale of Oddbins stores and its administration due to economic factors such as Brexit, rising living costs, and business rates.
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