// Majestic Wine will sell its store estate and commercial business to CF Bacchus Holding
// Sale will generate £95m towards cutting debt and investing back in Naked Wines, its online business
// Majestic Wine also exploring sale of Lay and Wheeler business
Majestic Wine will sell its commercial and retail business to CF Bacchus Holding Ltd, a vehicle controlled by funds managed by Fortress Investment Group, for around £95 million.
A separate sale of one freehold property previously owned by Majestic Wine’s Wine Warehouses business will be sold to an independent third party, and is expected to raise a further £5 million subject to approval of a planning application for redevelopment.
That brings total proceeds to approximately £100 million for Majestic Wine’s 200-store network.
The wine retailer said in a report on Friday 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.
“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,” Majestic chief executive Rowan Gormley said.
“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.”