UK specialist retailer Majestic Wine has confirmed it has purchased the Vagabond Wines out of administration as it vows to invest in the long-term future of the Vagabond business and open more wine bars. The deal, which is said to save over 170 jobs, adds nine of Vagabond’s wine bars to the Majestic portfolio – the underperforming bar in Canary Wharf, and two sites at Gatwick Airport are not part of the acquisition. Majestic said that it plans to invest in Vagabond’s expansion and long-term growth, and build on its existing customer base, which will allow the company “to engage with a younger demographic of wine consumers”. It will also allow the drinks specialist to enhance its own B2B business, Majestic Commercial, which has been an increasing focus for the business in recent years. db reported on the proposed merger two weeks ago, shortly after the self-pour wine bar chain announced it was appointing administrators due to “a legacy of Covid debts”. The move came as a surprise given that Vagabond had made £7.4 million worth of revenue in 2022, however the closure of the successful Vagabond Heathrow venue in January as a result of a “reconfiguration of airport security”, seems to have been the crunch point. The company had poured more than £1.3 million into the site at Terminal 5, which opened in 2022, and, following its closure, it decided to restructure in order to “safeguard the business and protect the jobs of our brilliant team”. Majestic said that the deal
This Article was originally published on The Drink Business - Wine
