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Gloucestershire Business News

Majestic Wine sold for £100million

Majestic Wine is set to be sold for £100million in a move that will secure the future of all its retail stores and employees.

The sale to CF Bacchus Holding Ltd, a subsidiary of Fortress Investment Group values the commercial and retail business at around £95million.

Another deal to sell freehold property owned by the firm is expected to raise a further £5million, subject to a planning application being approved.

The new owners have committed to retain the retail estate and keep their shops - including the Gloucester, Cheltenham, Stroud and CIrencester branches - open.

Majestic Wine PLC will now be rebranded as Naked Wines and concentrate purely on its online subscription model.

The retailer said that the transaction "represents a major milestone in the Group's history, enabling the board to focus on driving growth in the Naked Wines business which has a disruptive model and operates in fast growing markets."

Rowan Gormley, CEO of Majestic, 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."

The deal is subject to shareholder approval, but has the unanimous approval of the Majestic Wine PLC board.

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