Latest news from the administrators
I spoke briefly again this afternoon with Lee Manning, one of the Oddbins administrators. He explained that the number of interested parties had now been whittled down to three or four and they talking about 'various different configurations'. Things won't be resolved this week as they are not yet at the stage of contracts, although Manning said that things are moving forward. They would, however, hope to have a resolution before Easter. If, however, that wasn't possible "it wouldn't be the end of the world" added Manning.
As the process is now under wraps he wasn't able to give any details of the three or four suitors.
I have no idea whether Baile and Young are still in there. An article in yesterday's Metro on trying to resuscitate once proud car brands I thought neatly summed Simon Baile and Oddbins: 'the problem is often too much sentimental enthusiasm, not enough market research and the lack of a sound business plan'. In Simon's case the enthusiasm may well have been compounded by wanting to prove himself to his father. I suspect there are echoes of Hugh Ryman here.
See also figures from Oddbins' balance sheet – Plunging into the red.
As the process is now under wraps he wasn't able to give any details of the three or four suitors.
I have no idea whether Baile and Young are still in there. An article in yesterday's Metro on trying to resuscitate once proud car brands I thought neatly summed Simon Baile and Oddbins: 'the problem is often too much sentimental enthusiasm, not enough market research and the lack of a sound business plan'. In Simon's case the enthusiasm may well have been compounded by wanting to prove himself to his father. I suspect there are echoes of Hugh Ryman here.
See also figures from Oddbins' balance sheet – Plunging into the red.
Thanks for the updates Jim. The administrators seem to think that telling us, the staff, that we would be paid was all the information we needed. No explanation of the possible process and timescale were given and any updates have been through your, and other trade, websites.
ReplyDeleteThanks Pete. Sorry to hear that you haven't been kept informed, although I gather Baile and Young weren't good at communicating either.
ReplyDeleteThanks for the info, obviously the staff don't need to know about this kind of thing....
ReplyDeleteI think Young will go down as one of the great communicators - in the latest (and last?) issue of Oddyssey, the company's magazine, he's penned a column about how he entered the wine retail trade despite having no relevant experience.
ReplyDeleteIndeed, dear Henry, indeed.
Not all these two muppets lack. Respect for your colleagues needs no experience, just the recognition that you are all in this together no matter what level in the organisation. Difference between being found lacking in business and just been found lacking!
ReplyDeleteNews from the Oddbins jungle drums: Simon and Henry's bid has been rejected.
ReplyDeleteThanks Anon. Will be very interesting to see if the jungle drums are right.
ReplyDelete