Home Business News Majestic Wine to sell retail business for £95m

Majestic Wine to sell retail business for £95m

by LLB Reporter
2nd Aug 19 9:56 am

Majestic Wine are to sell their retail business to US company Fortress Investment Group for £95m, which will split the high street business from the London listed parent company.

The sale will see the headquarters, stores, website, the French arm and trade division being sold.

Majestic’s managing director Joshua Lincoln said, “Majestic has been on the UK high street for almost 40-years, building a bank of affection for our bottles, people and stores.

“In March when it was announced Majestic may be closed, or rebranded, I received thousands of emails from concerned customers, with some credible stories about our wines and people. It made finding a suitable buyer for the business crucial.”

Fortress Investment Group said, “Majestic is a British institution, occupying a unique position as the nation’s largest wine retailer.

“It offers a seamless customer experience across multiple channels physical retail, online, subscription and to the on-trade, and has a customer base which loves its stores, people, brand and, of course, wines.

“We are excited to work with management to grow the Majestic story.”

Chief executive Rowan Gormley said, “I am 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.”

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