Wine retailer Oddbins has been sold to a consortium of investors led by the son of a former managing director of the company.
Simon Baile, who runs wine retail company Ex Cellar, had bought Oddbins for an undisclosed sum from Castel Freres – one of France’s biggest wine companies.
Baile and his business partner Henry Young have bought the business and its 158 stores. Castel bought Oddbins in 2001 for £57 million, but has failed to make a profit out of the business and been forced to shut some stores.
Baile told The Daily Telegraph that running Oddbins would be a challenge after years of neglect and that it has become “tired and in need of some TLC”.
He added: “There will be a short period during which we review the current structure and develop plans for the future. This is a cash positive business with plenty of stock, great locations throughout the UK and passionate staff.”
Baile’s father Nick, ran Oddbins in the mid-1970s.
Source: Retail Week