Former boss's son leads buy-out of loss-making Oddbins
Published Date:
07 August 2008
WINE merchant Oddbins has been bought out by a group led by the son of the chain's former boss.
Simon Baile has taken on the high street outlet from French winemaking and retail group Castel Freres for an undisclosed sum. His father, Nick Baile, ran Oddbins in the 1970s.
Oddbins has about 150 stores across the UK and Ireland. The business was bought by Castel Freres in 2001 for a reported £57 million, but has struggled amid tough competition from the likes of Majestic wine merchants and supermarkets. It reportedly lost £8.6m during 2006, on sales of £121.3m.
Baile currently runs small-scale wine retailer Ex Cellar, which has stores in Ashtead, Surrey, and Paris.
Baile was reported as saying: "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."
The full article contains 169 words and appears in The Scotsman newspaper.
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Last Updated:
06 August 2008 8:53 PM
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Source:
The Scotsman
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Location:
Edinburgh
