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Vagabond Wines has been bought out of administration, preserving greater than 100 jobs throughout the UK. Enterprise advisory agency Quantuma secured the sale to Majestic Wines.
Established in 2009, Vagabond Wines was based to supply clients a brand new method of shopping for wine. The enterprise makes its personal wine at its City Vineyard in Battersea, utilizing grapes from its vineyards which can be inside two hours of London – whereas its chains have since grown to have branches throughout Birmingham, Paddington, Canary Wharf, Monument, Shoreditch, and London Heathrow.
In line with its latest audited monetary report, the enterprise generated £7.4 million in income over 2022. Nonetheless, “as a result of legacy Covid-19 money owed, and different nicely documented price pressures”, which included the shock closing of its Heathrow outlet when the airport “reconfigured” its structure, the corporate determined to undertake a restructuring in March 2024.
With money owed mounting, Quantuma managing administrators Andrew Andronikou and Brian Burke had been appointed as joint directors of Vagabond Wines. The pair traded the enterprise whereas they negotiated the sale of its belongings – which they secured quickly after.
The sale to Majestic Wine secures the way forward for 9 Vagabond wine bars and gives readability and job safety for 171 members of employees. Majestic Wine is an in 1980 based retailer, which sells wine by the case. Since its inception the corporate has grown to develop into the UK’s largest wine retailer with greater than 200 shops across the nation – and over 1,300 employees.
Quantuma managing director and joint administrator Andrew Andronikou stated, “I’m delighted to have been in a position to safe the long run way forward for the Vagabond model. The funding it can obtain by way of its new strategic partnership with Majestic will drive ahead its subsequent part of worthwhile progress.”
Nonetheless, the take care of Majestic excludes Vagabond websites at Gatwick Airport and Canary Wharf. The joint directors will proceed to commerce operations at Gatwick while they progress discussions with a spread of stakeholders and events. Operations at Canary Wharf will stop shortly, with all employees to be redeployed at different areas.
Whereas footfall for food and drinks venues has elevated within the final 4 years, wider headwinds are nonetheless impacting the trade. These embrace big will increase in power prices, falling shopper spending energy amid the cost-of-living disaster, and a hangover in shopper habits from the Covid-19 pandemic.
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