The owner of Oddbins, a wine retailer, is getting ready to appoint administrators for the second time in less than a decade.
In a report that was published by Sky News tonight, it said that the owner subsidiaries Wine Cellar Trading and Whittalls Wine Merchants, European Food Brokers, said that it has filed a notice of intent to appoint Duff & Phelps as its administrators to fix insolvency,
EFB employs 539 people. It said that it will continue to trade throughout the process and is looking for a buyer.
The business is based in Walsall. It reported a net loss amounting to more than £4 million in the 18 months to the end of July last year.
European Food Brokers is putting the blame on the tough conditions on the high street and the economic uncertainty that is created by Brexit for the situation.
In the interview with Sky News, a spokesperson for EFB stated: “We have filed a notice of intention to appoint Duff & Phelps as administrators for Wine Cellar Trading Limited, Whittals Wines Merchants 1 Limited, Whittals Wines Merchants 2 Limited and EFB Retail Limited.”
He added: “The deterioration of the high street, combined with the continuing economic uncertainty surrounding the withdrawal of the UK from the EU, has resulted in an unsustainable, tough physical retail market.”
He continued: “We will endeavour to continue to operate all stores as a going concern while options are assessed for the business, including a possible sale. All businesses continue to trade until further notice.”
Oddbins has 45 stores in the United Kingdom. It first collapsed in 2011 after tax authorities turned down a rescue deal with its creditors. At the time, ERB made various acquisitions of the stores of Oddbins, organising them under its Whittalls subsidiary.
Both EFB and Oddbins did not respond to a request for comment regarding the matter.