Majestic Wines sells stores and warehouses for £100m to focus on Naked Wines
PUBLISHED: 09:52 02 August 2019 | UPDATED: 09:52 02 August 2019
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Majestic Wine has sold all of its shops, warehouses, and online brand to a US company for £100m.
The group, which is currently the UK's biggest wine retailer, has made the sale so it can focus on Norwich-based firm Naked Wines.
Majestic has sold its entire portfolio to Bacchus Holdings.
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The £100m income will be used to wipe out the firm's current debt and free up expertise to focus on Naked Wines.
Chief executive of the Chapelfield Road company, Rowan Gormley, said: "I m delighted that we have managed to secure an independent future for both Naked and Majestic Retail and Commercial, allowing both companies to pursue growth by focusing on their unique propositions.
"I would like to thank all staff, customers and suppliers for their loyalty during this process.
"We look forward to the future and continuing to focus on what we do best… sharing our spectacular wines from our hundreds of talented winemakers with our customers."
The deal is reliant on shareholder approval, but it has been backed by Majestic's board.
The sale also guarantees the jobs of about 1,000 retail staff at the firm, as the business moves online.