Majestic Wine finds buyer for store estate
Written by Peter Walker
Majestic Wine is selling its commercial and retail business to CF Bacchus Holding, part of the Fortress Investment Group, for around £95 million.
One freehold property, previously owned by Majestic’s Wine Warehouses, will be sold separately to an independent third party, which is expected to raise a further £5 million, subject to approval of a planning application for redevelopment.
A statement from the wine retailer explained that it will use the net proceeds to cut debt and invest in its Naked Wines business, as well as returning £3.8 million to shareholders through a special dividend.
Majestic Wine added that it is also exploring the sale of its Lay and Wheeler business, which has reportedly already received “significant interest” from multiple bidders.
Chief executive Rowan Gormley commented: “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.”