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UK Businesses For SaleOddbins Sold
07/08/2008
Oddbins, the UK-based chain of wine shops, has been sold by Castel Freres, the French wine company. No details of the price paid have been releaed. Simon Baile (the son of a former owner), who heads the consortium that has bought Oddbins, has said that the business needs to be worked on. 131 Oddbins shops have closed since the end of 2005 ; 27 have opened, leaving a total of 158, down from a high of 278.
Strong competition in the wine market from supermarkets and other retailers such as Majestic Warehouse has made life tough for Oddbins. Castel paid £57m for the company in 2001. It is likely that the price paid was less than £57m. Oddbins made a £8.6m loss for the year to the end of 2006, on sales of £121.3m. 
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