This is the list of questions I submitted on Monday morning to Simon Baile, managing director of Oddbins, as yet I have had no replies. Not entirely surprising as he is doubtless very busy but if I was a creditor I would want answers to these questions before Thursday's meeting.
Questions for Simon Baile
Acquisition of Oddbins Limited
1. Could you clarify the total payable to Nicolas UK Limited for the acquisition of Oddbins Ltd in 2008? I see from Companies House records that a loan of £22, 077,042 was agreed between Ex Cellars Investments Ltd and Oddbins Ltd on 1st August 2008.
2) How much has been repaid and how much remains outstanding?
3) How much capital has Ex Cellars Investments Ltd, its shareholders and directors put into Oddbins UK Ltd to the present date?
CVA
4) Will Ex Cellars Investments Ltd, its shareholders and directors be making any contribution towards funding the CVA or will the £4.7 million due to be paid into the CVA’s over its duration be funded entirely by sales etc. generated by Oddbins Ltd?
Staff
5) The list of creditors includes some 140 + employees or ex–employees who appear to be owed approximately £686,232. This figure is approximate as it is not always clear who among the creditors are staff/ex-staff. There are also a number of individuals whose claims are to be confirmed. What is the correct figure please?
6) What is the total amount of redundancy monies owed to ex-staff? Is this a preferential debt or are they unsecured creditors? Are they too due to receive 21p in the £?
HMRC
7) Is it correct that last November HMRC insisted on ‘immediate payment’ of duty on leaving bond?
8) Do you expect HMRC to impose any conditions if they vote for the CVA?
Trading following the CVA
9) If the CVA is accepted it is expected that most suppliers would operate on a cash-with-order policy and if HMRC is demanding immediate payment of duty, then how will Oddbins Ltd manage to trade at a profit? The company’s accounts to 31.12.2009 shows that average payment trade creditors was 75 days and still Oddbins Ltd racked up losses of over £20 million?
British Gas
10) What is the estimated debt owed to British Gas?
Dispute with Castel
11) When the court case expected to be settled?
Debt owed to Oddbins Ltd by Ex Cellar Investments Ltd
12) If the CVA is accepted what will happen to this £17.53 million debt?
*
£8,116,042 million debenture – a question I might have asked
I did not ask about the current status of the £8.1 million debenture between Oddbins Ltd and Nicolas UK Ltd 'supplemental to an acquisition agreement between 1) Nicolas UK Ltd, 2) Ex Cellars Investments Ltd, 3) Simon Baile and Henry Young' on 1st August 2008. A number of Oddbins shops, including some in Aberdeen, Dunfermline and Old Coulsdon and mortgaged against this debenture.
See also: Oddbins – time to pull the plug!
