Belfast Telegraph

Oddbins buys time by applying for administration

Wine retailer Oddbins has applied to go into administration in a tactical move to buy more time as it seeks to secure the future of the business.The struggling off-licence, which recently shut nearly 40 stores, wants to restructure its debts through a company voluntary arrangement (CVA) - an alternative to administration - but needs the backing of 75% of creditors at a meeting on March 31 for the rescue deal to go through. An Oddbins spokeswoman said: "This is purely a precautionary measure to allow the CVA to take place."