Majestic buys wine bar chain Vagabond from administration
The deal will secure the future of nine Vagabond venues and 171 workers
Majestic has completed a rescue deal to buy wine bar chain Vagabond from administration.
The UK’s largest specialist wine retailer confirmed talks over a potential move last month after Vagabond Wines went into insolvency.
On Friday, Majestic confirmed it has completed the acquisition, which will secure the future of nine Vagabond venues and 171 workers.
The bar firm’s “underperforming” site in Canary Wharf has not been bought and will be closed.
Vagabond’s two sites at Gatwick Airport are also not included in the deal.
Bosses at Majestic said they plan to invest in Vagabond for the long-term, with ambitions to open more wine bars under the brand.
The chain, which allows customers to order a variety of wines from self-pouring machines, was founded in 2010 by Stephen Finch.
John Colley, chief executive of Majestic, said: “We are delighted to have secured this partnership with Vagabond Wines and are looking forward to working with the team to share our collective passion, expertise and love of wine.
“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.”
Majestic, which has over 200 stores across the UK, was bought by private equity firm Fortress in 2019.
Vagabond managing director Matt Fleming said: “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.
“Vagabond’s bars help our customers discover unique, quality wines in a highly experiential setting – values that align perfectly with what Majestic’s colleagues do every single day in their stores.”
Published: by Radio NewsHub