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Squire Sanders Hammonds has landed a key role advising on the administration of collapsed wine retailer Oddbins.
Partner Cathryn Williams is leading the legal advisory work for the company’s joint administrators, Deloitte partners Lee Manning and Matthew Smith. Williams is working alongside partner Dan French, who is working on property elements.
The Oddbins chain entered administration on 4 April. Squire Sanders Hammonds advised the business prior to the administration, assisting the company’s management in putting together a company voluntary agreement (CVA) in an effort to restructure the ailing chain’s debts.
However, the rescue plan did not receive the full support of all Oddbins’ creditors – including HM Revenues & Customs, which is owed about £8m in taxes and duties – and as a result the company was forced to call in the administrators.
Oddbins has 89 stores across the UK and Ireland, employing about 400 staff, and has an annual turnover of £75m, including £2m of online sales.
Williams said she and the administrators were making every effort to sell the chain and keep all stores open.
“We’re marketing the business with a view to selling it as a going concern as soon as possible,” she said. “Obviously it’s early days and we’re yet to determine the extent to which we’ll have to deal with suppliers’ claims.”
Collyer Bristow partner Stephen Gawne is advising a landlord creditor as part of the administration.