Oddbins achieves ‘best growth in a decade’
Two years after taking the helm at Oddbins, managing director Simon Baile claims the business is experiencing its best growth in a decade and will be profitable by the end of 2010.
Combined sales across retail, wholesale and online are said to be up 5% on last year, which Baile believes will enable it to move the retailer into the black by December (OLN, 23 October 2009).
The last trading figures filed by Oddbins at Companies House showed it lost £6.25 million on a turnover of £76 million for the year to December 2008. It is due to report again in September for the period to December 2009.
Baile said: “Over the next six months Oddbins will be a profitable business, if the same trend continues, which is a major moment in Oddbins’ life.
“That’s not to say there won’t be testing times ahead, but we think we’ve crossed the line. It will be frustrating if we don’t do it, but judging by the information we have in front of us that’s where we are.
“Our average bottle price is £8, 22% higher than our nearest rival and nearly double the industry average. We also have 127 of the best high street locations in the industry, without doubt. The average basket price has also risen by 10% this year.” He added that there was sufficient cash in the business to maintain its stocking policy.