Majestic Wine announces store closures and rebrand to Norwich's Naked Wines
PUBLISHED: 08:54 25 March 2019 | UPDATED: 11:03 25 March 2019
Majestic Wine has announced a series of store closures, and a rebrand to become fully integrated with Norwich-based Naked Wines.
The specialist wine retailer has not revealed how many stores will close, though boss Rowan Gormley has said he has “no choice.”
Majestic is the owner of former Future50 company Naked Wines, which has posted increasingly successful results in recent years and has a turnover of around £156m.
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The team of around 170 are based out of offices in the city’s Chapelfield Road, with its staff count set to grow now that Majestic will also be under the Naked Wines name.
Majestic has around 200 stores in the UK, with two in Norfolk: in Norwich and in King’s Lynn.
On its rebrand, Mr Gormley said: “We believe that a transformed Majestic business does have the potential to be a long-term winner, but that we risk not maximising the potential of Naked if we try to do both.
“Therefore we have taken a decision to focus all of our capital and energies into delivering the long-term potential of Naked, and releasing value from Majestic.”
Majestic said today that it expects to meet its sales target of £500m this year and anticipates profits, excluding restructuring charges, in line with consensus.