Majestic Wine considers sale of UK portfolio
The UK-based alcoholic beverages firm, Majestic Wine, has revealed plans to potentially sell its entire UK retail portfolio.
The company is considering the sale of its portfolio as its new strategy focuses on its Naked Wines brand, Sky News reported.
As part of the new strategy, which was released last month, Majestic Wine would change its corporate name to Naked Wines, which is the firm’s online trade business.
The company has appointed Rothschild bankers to assess potential buyers of the business. The firm’s retail and commercial operations consists of around 200 stores.
As part of its most recent City update, Majestic Wine claims it is on target to meet a £500mn (US$647mn) sales goal in 2019.
“The combination of customer migration, disposals and store closures from Majestic Retail will release substantial investment capital and transform the company into an out-and-out growth business,” stated a spokesperson for Majestic Wines, in response to a Sky News enquiry.
“While a total sale of Majestic Retail continues to be a potential option, it would be wholly unwise to pursue a single-track process and materially limit the potential value that can be realised to drive growth.”