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PRIVACY
Retail & Consumer

Majestic Wine stores and jobs saved after retailer strikes 拢95m deal with US-based Fortress

Previous boss John Colley has rejoined the business

Majestic also unveiled its first new store for over two years(Image: HANDOUT)

Wine retailer Majestic has been sold by Naked Wines to US-based Fortress Investment Group for £95million, saving 197 stores and more than 1,000 jobs.

The ailing wine business had been planning to close as many as 140 stores under its previous ownership, cutting the estate by almost two thirds.

Majestic, which had annual sales of more than £300million last year including its commercial on-trade and French divisions, also confirmed that previous boss John Colley had rejoined the business.

The sale has been completed with funds managed by affiliates of Fortress, which says it is targeting "further ambitious growth" for the 40-year-old brand.

Majestic also unveiled its first new store for more than two years - at a site in Blackheath, South London - as a signal of intent.

Mr Colley says his plan now is to get Majestic back to "what it has done best" and that a combination of stores, online and direct mail is the "key to future growth".

Majestic is asking all customers to send in requests with the wines they want to see on shelves(Image: Getty Images)

“The key to Majestic’s future is simple” he explained “It’s the service our people provide, backed up by a range you simply cannot get anywhere else.

"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.