// Majestic Wine sold to Fortress Investment Group for £95m
// New store in Blackheath, south London is first opening for retailer in over two years
// Fortress eye ambitious growth plans for specialist retailer
Majestic Wine has completed the sale of its business to US investment firm Fortress Investment Group.
The specialist retailer confirmed that it would keep all of its 190 stores open following the acquisition.
Under the company’s previous ownership there were plans in place to cut its store estate by almost two thirds, and close as many as 140 stores.
Majestic also unveiled its first new store in more than two years, at Blackheath in South London, representing ambitious plans for growth from its new owner.
Back in August former Majestic Wine managing director John Colley resigned from his role as chief trading officer at Kingfisher after just 20 months in the position, in order to return to Majestic as executive chairman.
“The key to Majestic’s future is simple. It is the service our people provide, backed up by a range you simply cannot get anywhere else,” Colley said.
“That connection isn’t what it should be – so we need to get the wines back in that our customers (and staff) love first. That isn’t rocket science.
“Customers enjoy the connection to Majestic – to our wines, to our people and to our stores. We want to look at ways we can grow that connection further and not peel it back.
“Fortress and I see a huge opportunity in the UK over the next few years, and see Majestic as perfectly placed to take advantage. This is a fantastic country to sell wine in – the number one trading nation for vino in the world. And it needs Majestic at its heart.”