Coles snags Ultimo Wine Centre

Sydney fine wine specialist, Ultimo Wine Centre, reopened its doors today as a Vintage Cellars outlet.

The independent retailer was purchased by Coles Liquor Group, according to media reports, with settlement taking place earlier this week.

This following months of speculation that rival Woolworths would be the buyer.

It is expected that most of the staff will remain in their jobs at the store while founder, Jon Osbeiston, will move into a brokering role at Vintage Cellars' Double Bay office.

Osbeiston ran Ultimo Wine Centre for over 20 years, with a particular focus on boutique Australian and imported wines, building the store's annual turnover to over $4 million.

Neither Osbeiston nor Coles could be contacted for comment.

Source: The Shout,10 April 2013