Wine retailer Oddbins has been sold to a consortium of investors led by the son of a former managing director of the company.

Simon Baile, who runs small wine retailer Ex Cellar, bought Oddbins for an undisclosed sum from Castel Freres – one of France’s biggest wine companies.

Baile and his business partner Henry Young have bought the business and its 158 stores. Castel bought Oddbins in 2001 for£57 million, but has failed to make a profit out of the business and been forced to shut some stores.

Baile told The Daily Telegraph that running Oddbins would be a challenge after years of neglect and that it has become “tired and in need of some TLC”.

He added: “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.”

Baile’s father Nick, ran Oddbins in the mid-1970s.

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