Fortress Investment Group has pledged to keep Majestic Wines’ 197 warehouse outlets open after completing its £95 million purchase of the business from Aim-quoted Naked Wines.
Naked had planned to shut up to 140 branches under its restructuring plan, before deciding instead to sell its estate to the New York-based investor, which has also been linked to a potential purchase of 150 pubs from Marston’s. Several of the stores – including those in Chippenham and the City of London – closed before the deal was completed because leases couldn’t be renewed.
Fortress, which is part of Japanese technology investor Softbank, today trumpeted “ambitious growth plans” for Majestic, but declined to give specific details in terms of revenue targets or increasing its network of stores, instead revealing more details would be unveiled next year in a business plan. Majestic, which has 14 shops in Scotland, has opened its first store for more than two years – at Blackheath, in South London – which it described as “a signal of intent”.
Former managing director John Colley, who rejoined the business during the autumn as its executive chairman, said: “The key to Majestic’s future is simple – it’s the service our people provide, backed up by a range you simply cannot get anywhere else. 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.”
