Oddbins enters administration

WINE seller Oddbins has applied to enter an administration process, as it seeks to protect itself from creditor claims while launching a company voluntary arrangement (CVA).

The off-licence is seeking an agreement with its creditors to save the struggling business, and needs 75 per cent approval of the CVA at a shareholder meeting at the end of the month for the plan to go ahead. Results will be released on 4 April.

Oddbins put forward the administration application after it received a winding-up instruction from creditor British Gas.