Oddbins online sales boost turnover but eats into profits.
Oddbins, who have had a couple of troublesome years, have reported boosted revenues rising 19% to £16.75 million in the 12 months to 31 January 2016. The increase in revenue was due to expansion of stores (13 branches of Spirited Wines acquired in May 2014) and online sales but the cost of the acquisition and investment in their online business has eaten into their operating profit. Their £558k loss last year has grown by 56% this year to equate to a £935k loss. But the company are hopeful that the acquisition and online investment leaves the company in a stronger position for the future. They have been working hard on their online proposition, ensuring an online presence that is profitable. The company is owned by European Food Brokers Ltd run by the 45 year-old Raj Chatha who also operates the smaller Whittals Wine Merchants Ltd.