One of the best known UK wine retailers, Oddbins, has fallen into administration, having appointed a financial advisory firm earlier this week.
Oddbins owner European Food Brokers (EFB) appointed financial advisory firm Duff & Phelps to advise it on a way forward, it was announced 28 January.
Other entities owned by EFB include Wine Cellar Trading, and Whittalls Wine Merchants.
A spokesperson for EFB told Sky News on 28 January that the company had ‘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’.
According to a statement from Duff & Phelps, ‘EFB continues to trade and is not an entity that has entered into administration’.
‘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,’
Oddbins fell into administration in 2011, and EFB has owned the chain since then.
The retailer employs around 550 people, working across 45 stores.
A series of pressures, including sterling currency weakness, stagnating consumption and greater competition from discount chains Aldi and Lidl, has exacerbated the challenges of operating in the UK wine retail market in recent years.
Story updated 1st February 2019. Additional reporting from Ellie Douglas.
