Majestic Wine stores saved from closure threat as Fortress completes £95 million takeover
Majestic Wine has confirmed it is keeping all of its 190 stores open following the £95 million sale of its business to US investment firm Fortress Investment Group.
It means stores in Ludlow, Shrewsbury, Wolverhampton, Stourbridge, Sutton Coldfield and Lichfield have been saved from the threat of closure following the acquisition.
Under the company’s previous ownership there were plans in place to cut its store estate by almost two thirds, and close as many as 140 stores.
The business employs over 1,000 staff and had annual sales of over £300 million last year, including its Commercial on-trade and French divisions.
The company has also confirmed that previous boss John Colley has rejoined the business.
Back in August Mr Colley resigned from his role as chief trading officer at Kingfisher after just 20 months in the position, in order to return to Majestic as executive chairman.
Mr Colley said: “The key to Majestic’s future is simple. It is 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. We want to look at ways we can grow that connection further and not peel it back.
“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. And it needs Majestic at its heart.”
The company also unveiled its first new store in more than two years, at Blackheath in South London.