Deloitte has issued (31st October 2011) its six monthly report on the Oddbins' administration, which can be downloaded here. Lee Manning and Matthew Smith are the joint administrators.
Some of the main points:
£495,000 has been returned to the secured creditor on account. All preferential claims received have been agreed. 732 staff were made redundant under administration. Claims on unpaid wages and holiday pay are estimated at £120,000. No unsecured creditors claims have been agreed to date. So far claims total £12.6 million.
No dividends have been paid to preferential or secured creditors to date. It is anticipated that there will in time be a dividend paid but how much and when is still unknown due to 'unresolved issues' and the ongoing sale of the business.
The administrators' gross time costs up to 3rd October 2011 total £2,065,964. To date Deloitte has received £1,050,000 renumeration and has agreed to write off time costs of £350,000. £353, 592 has been paid to Squire Saunders & Dempsey (UK) for legal advice. Other professional fees totalling £153,782 have been paid to various companies.
Goodwill and intellectual property sold to Layburn Enterprises Ltd.
One store in Scotland was sold to B & GS Landa Ltd.
Five leaseholds were sold to Simon Baile.
Two leaseholds to Amathus Drinks plc
Leaseholds and stock on four Irish stores.
As required under law the administrators investigated the director's conduct and submitted a confidential report to the Insolvency Service on 28th September 2011.
'The Administrators are aware of a number of transactions with Ex Cellar Limited, a company controlled by Simon Baile, a Director of the Companies, during the two years prior to appointment. The review of these transactions remains ongoing.'
east sheen store is closing down.... 6 months after beibg " sold " to ex cellar's...once baile always a failure!!!!
ReplyDeleteAnon. I would how long the other stores will last.
ReplyDeletesome people never learn.. some do on the hardest ways.....
ReplyDelete