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Oddbins begs creditors to slash its bills

By This Is Money
Updated: 04:08 EDT, 18 March 2011

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Oddbins has gone cap in hand to creditors in a desperate bid to avoid collapsing into administration.

The chain, which is undergoing a compulsory voluntary arrangement (CVA), will offer creditors 21p in the pound under plans released by consultants Deloitte.

The debt-ridden wine merchant is seeking to slash costs by closing a third of its shops and is cutting its 60 head office staff by a quarter.

Oddbins, which has posted six years of consecutive losses, is at the mercy of its creditors, who meet at the end of this month to decide on the CVA.

Documents released yesterday showed a raft of creditors. The biggest debt is owed to the taxman, with HMRC due £8.57m in excise duty, VAT and PAYE.

The list stretches across 19 pages, and includes spirits giant Diageo (£84,000), Halfords (£173,500), and EDF Energy (£51,000). Excluding HMRC, a total of nine different creditors are owed in excess of £100,000.

Oddbins is the latest in a string of offlicences to suffer financial meltdown.

The past six years have seen Unwins and Threshers go under having struggled against fierce competition from the supermarkets who have hoovered up more than 70pc of booze buyers.

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