Is Oddbins in Trouble

[Clive]

I have read in a few places now saying Oddbins is in trouble and may go under. Anyone else hearing this or know something.

Clive

[Alastair]

Hi Clive, i had read rumours of this in a few places also. This is the statement i read on the Off Licence News website:

Oddbins confident despite payment disputePublished: 14th October 2009

Oddbins directors have denied the business is in financial trouble after Castel appointed receivers to recover money it claims it was owed.

Henry Young and Simon Baile bought the chain from Castel in August last year for an undisclosed sum.

Under the terms of the agreement, Oddbins was required to pay funds into a joint account but there has been a dispute over the amount outstanding as part of the demerger of the two businesses.

As a result, Oddbins withheld sums from the account to offset what it claimed it was owed by Nicolas. In response, Nicolas lodged a claim against the business at Companies House. Managing director Baile told OLN Oddbins had now settled the outstanding sum in full and that Nicolas had withdrawn its claim.

He said: "We are very upset that this action has been taken by Nicolas, as Oddbins takes its obligations to all its stakeholders very seriously. The company is expected to become profitable again next year following substantial losses under its former owners and this action is not helpful to anyone."?

He added that the range had been "completely revamped"? since he took over.

"I now feel, 14 months on, that we have the foundation of a cracking business, rapidly returning to the forefront of the industry. We can look to the future with considerable confidence."?

A spokesman for Castel said: "As far as we are concerned, any financial issue which might have arisen between Castel, or Nicolas, and Oddbins has now been entirely resolved."?

Alastair

[Keith]

Oddbins released the statement below because of these rumours.

Statement
It is a sad day indeed for all our competitors to announce that Oddbins is NOT going bust and we plan to be here for a long time to come. The rejuvenation and turn around is well under way with over 400 new wines, the beginnings of a new look inside and plenty of up beat spirit.

Our goal is to ensure that the small independent wine maker is at the heart of our range and we are quickly opening the door to many small wine makers to the UK market. This is what I work for and is what I am passionate about. So please feel free to sign up to any of our forthcoming tastings instore and see for yourselves.

After our recent press tasting in Dublin, on 11th October, Thomas Clancy, Sunday Business Post, wrote:

"Now, having recently been acquired by the son of the chain's founder, Nicholas Baile, and his Irish business partner, Henry Young, the 150-strong chain is back where it belongs."?

Simon Baile
Managing Director
Oddbins

Hopefully they will get there selection of malt whisky back where it belongs now as it has slipped a bit over the past couple of years.

Keith

[Gregor]

From the statements it certainly looks like it was no more than a disagreement over money, just shows how rumours can spread.

Hopefullu as Keith says they can get there available selection of malts back to what it used to be.

Gregor

[Mark]

Over the last few years Oddbins have offered less and less of the more premium malt whiskies and many of there shops have a line up of malts no better than you would find in the supermarket but the prices dont match the supermarket, surely this doesnt help sales. Obviously every shop cannot carry and sell premium malts but they could certainly offer a better selection online. And they cannot be doing themselves any favours by not taking orders for other parts of europe outside the UK, this makes no business sense whatsoever. Oddbins could do a lot to help themselves.

Mark