Oddbins enters administration

Oddbins has formally gone into administration with Deloitte partners Lee Manning and Matthew Smith appointed as joint administrators.

Manning said: "We are pleased to have received interest from a number of parties interested in buying the business. We will continue to trade the company while seeking a sale as a going concern. Employees will continue to be paid and will be fully briefed.”

The news came after a rescue bid failed last week because HM Revenue & Customs would not agree to terms ahead of a creditors' meeting in London.

Oddbins has 89 shops and some 400 employees. Manning has said he is "very confident" that the £75 million annual turnover business will be sold as a going concern.