Oddbins blames Brexit as it collapses into administration, putting 550 jobs at risk

Off-licence operator collapses for second time in eight years

All outlets will remain open while a buyer for the business is sought (Rex)

Off-licence chain Oddbins has gone into administration for the second time in eight years, putting 550 jobs at risk.

The company operates 101 off-licences and two convenience stores under a variety of brands including Oddies, Simply Drinks, Simply Food & Drinks, Shop2Go and Booze Buster.

Oddbins owner European Food Brokers (EFB) blamed weaker consumer confidence and economic uncertainty created by Brexit.

Administrator Duff & Phelps has been appointed to run the business while it looks to find a buyer. The administrators did not say how many Oddbins stores would be affected.

All outlets will remain open while a purchaser is sought.

Joint administrator Phil Duffy said: “The continued decline in consumer spending, pointing to a squeeze on household finances, combined with rising living costs and national wages have put increased pressure on retailers’ bottom lines.

“As wages struggle to keep up with the pace of inflation, and continued, deepening unease and uncertainty over Brexit, consumers are cutting back on spending.

“Add into that mix rising business rates and rents, and traditional bricks-and-mortar retailers are undoubtedly feeling the strain.”

EFB bought Oddbins when it last fell into administration in 2011. It warned this week that administrators were likely to be appointed.

The company said: “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.”