Oddbins confident despite payment dispute

14 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 Managing director Baile told OLN Oddbins had now settled the outstanding sum in full and that Nicolas had withdrawn its claim.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.”

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