Majestic has bought Vagabond Wines out of administration in a deal that will save nine of the company’s 12 wine bars from closure.
However, an underperforming site in Canary Wharf and two at Gatwick Airport were not included in the transaction and will be closed.
The UK’s largest specialist wine retailer confirmed last month that it was in talks to save Vagabond Wines after it went into insolvency. Majestic said today that the acquisition would help to grow its customer base, attract a younger demographic of wine consumers, and enhance its B2B business. The retailer’s plans include the opening of more bars.
Vagabond was launched in Fulham, London, by Stephen Finch in 2010. Its bars allow drinkers to order more than 100 wines by the glass from self-pouring machines.
Majestic’s Chief Executive John Colley commented: “The completion of this deal marks the start of a long-term partnership, and we are committed to investing in the Vagabond business, with the potential to open new wine bars across the UK when the right opportunities arise.
“The combination of the two businesses presents exciting new opportunities for us to grow our customer base, take the Majestic brand to a younger audience and further elevate Vagabond’s product proposition by working alongside our fast-growing on-trade supply division, Majestic Commercial.”
Vagabond’s Managing Director Matt Fleming added: “In Majestic, we believe we have found the perfect partner to enhance the unique strengths of the Vagabond business and drive a new phase of profitable growth.
“We are looking forward to working with the Majestic team to accelerate our expansion, and help even more wine consumers to discover new and interesting wines.”
Since being acquired by Fortress Investment Group in December 2019, Majestic has opened 16 new stores and wants to launch an average of one new shop every month over the coming years. It is also aiming to become one of the UK’s biggest suppliers to the on-trade and hospitality sectors within the next five years.
