Oddbins appears to be the next victim in what one publication is calling a “high street bloodbath”.
The off-licence chain, operating approximately 45 stores across the UK and with over 500 employees, has announced that it is preparing to enter into administration, blaming tough trading conditions on the high street and economic instability for its troubles.
The chain will continue to trade whilst a buyer is sought for the business.
European Food Brokers, which own some of the Oddbins stores, says: “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.
“We will endeavour to continue to operate all stores as a going concern while options are assessed for the business, including a possible sale”.
As trading conditions continue to worsen on the high street, it is more critical now than ever that businesses put processes in place to be able to adapt to market changes. It is also crucial that they are aware of and look out for the warning signs that could mean the difference between success or failure. By recognising and acting on these warning signs at the earliest possible opportunity will enable you to re-evaluate, improve and where necessary restructure your personal or business’ financial affairs.
Our SME business experts at Beavis Morgan are available to structure your business with cashflow and profit forecasting to provide timely information, measure performance and maximise opportunities. We work to a pre-determined plan, to help you avoid any nasty surprises.
In turn, if you have any concerns about your personal financial situation or that of your business, our specialist insolvency, recovery and advisory partners at BM Advisory can assist with resolving issues which can impact on business performance and success, and find innovative solutions for businesses and individuals in distress.
Contact Steve Govey or your usual Beavis Morgan Partner for further information about how we can assist you and your business.