Majestic Wines sells stores for £95 million

Majestic Wine is to sell its High Street shops for £95 million as the company moves towards online business only.

The American private equity firm Fortress is buying the stores.

It says it has secured 1,000 jobs with a commitment to keep open the 200 outlets.

Majestic had a turn-over of £300 million last year.

Recently, the company has concentrated on Naked Wines, its online division.

Majestic 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.”

A Fortress spokesman said: “Majestic has grown through periods of dramatic change; I know we have the recipe to do it again.

“We want to keep investing in our stores, in our people and our product – everything you can feel, touch and sip.

“After all, you cannot taste wine online.”

 

 

 

 

 


About the Author

Philip Braund spent 16 years at the Daily Mirror as a reporter and news editor before moving to ITV. He was the series producer of the ground-breaking investigation programme The Cook Report, Managing Editor at ITV's Millbank Studios, and Head of News at ITV Central. He has won national and regional Royal Television Society awards for documentaries.



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