Wine merchant Oddbins has been bought out by a group led by the son of the chain's former boss.
Simon Baile has taken on the high street chain from French winemaking and retail group Castel Freres for an undisclosed sum. His father, Nick Baile, ran Oddbins in the 1970s.
Oddbins currently has around 150 stores across the UK and Ireland. The business was bought by Castel Freres in 2001 for a reported £57 million, but has struggled amid tough competition from the likes of Majestic and supermarkets. It reportedly lost £8.6 million during 2006, on sales of £121.3 million.
Mr Baile currently runs small-scale wine retailer Ex Cellar, which has stores in Ashtead, Surrey, and Paris.
His biography states that he is "from the family that brought you Oddbins" and "has been in the trade since birth, and bleeds wine, not blood".
Mr Baile told The Daily Telegraph: "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."
Another member of the takeover group includes Mr Baile's business partner, Henry Young.
Oddbins dates back to 1963 when entrepreneur Ahmed Pochee started delivering bin-ends and oddments of wine to the restaurants and clubs of London's West End. It was taken over in the 1970s by Nick Baile and Dennis Ing.
A spokeswoman for Castel Freres, which also owns the Nicolas wine merchant chain, said: "Oddbins has been sold to a group led by Simon Baile, son of Nick Baile."