Naked Wines, the online wine retailer, has been sold to Majestic, the British wine merchant.
The sale, which is worth £70 million, is thought to be advantageous for both companies.
Rowan Gormley, who founded Majestic, has been named as the CEO of the company's new acquisition. Following the move, he commented that Naked Wines was “on the search for a new investor” as a result of its strong 2014 performance.
Naked Wines was persuaded that the sale was in its best interest following a consultation with Cavendish Corporate Finance. Jonathan Buxton, who is a partner at Cavendish, stated, “The combination of Naked Wines's robust growth track record and Majestic's market leading positioning make this transaction an excellent strategic fit for both companies.
The enlarged Majestic Wine Group will benefit from new CEO Rowan Gormley’s outstanding experience and industry expertise and help the business capitalise on supportive trends in the wine sector and the fast-growing e-commerce industry, both of which offer excellent growth opportunities.”
© 2015 European Supermarket Magazine – your source for the latest retail news. Article written by Peter Donnelly.