Majestic in advanced talks regarding sale of retail business

Majestic Wine has revealed that it is in “advanced discussions” regarding the sale of its Majestic retail business. This follows news earlier this year that the… View Article

FOOD & DRINK

Majestic in advanced talks regarding sale of retail business

Majestic Wine has revealed that it is in “advanced discussions” regarding the sale of its Majestic retail business.

This follows news earlier this year that the retailer is looking to focus on its Naked Wines business.

Majestic chief executive Rowan Gormley said the company is now in talks with multiple bidders and hopes that the sales can be finalised over the summer.

He added: “If we are unable to complete the process over the summer, in time for the important Christmas and New Year season, we will continue to run the two businesses independently of each other and look to restart the process in 2020.”

Majestic has also reported that group revenue rose by 6.3% to £506.1 million in the year to 1 April, although the group made a pre-tax loss of £8.5 million compared to a profit of £8.3 million in the previous year. The company attributed the loss to increased investment in Naked growth and lower retail profitability year-on-year.

 

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