- Vagabond asked the Supreme Court to appoint administrators in early March
- On Friday, Majestic said it had saved nine Vagabond wine bars from closure
<!–
<!–
<!– <!–
<!–
<!–
<!–
Majestic Wine has bought bar chain Vagabond Wines out of administration, saving more than 170 employees from redundancy.
Vagabond asked the High Court to appoint administrators in early March, blaming the legacy of Covid-19 debts, cost pressures and the forced closure of the Heathrow site for the decision to restructure the business.
A fortnight later, Majestic acknowledged it was looking to acquire some or all of the company’s locations, where customers can order their drinks through self-pour machines.
Takeover: Majestic Wine has bought bar chain Vagabond Wines from administration
On Friday, Majestic said it had saved nine Vagabond wine bars from closure, including branches in Shoreditch, Monument and Battersea Power Station, along with 171 jobs.
However, the group noted that the deal excludes Vagabond’s two sites at Gatwick Airport and will result in the closure of an ‘underperforming’ site in Canary Wharf.
John Colley, the CEO of the Watford-headquartered company, said the partnership “marks the start of a long-term partnership” which could involve opening more wine bars “when the right opportunities arise.”
He added that it would broaden its customer base, especially among younger wine consumers, and strengthen its on-trade offering division, whose clients include Manchester City Football Club.
Matt Fleming, managing director of Vagabond, said: “In Majestic we believe we have found the perfect partner to enhance the unique strengths of the Vagabond business and drive a new phase of profitable growth.
‘Vagabond’s bars help our customers discover unique quality wines in a highly experiential setting – values ​​that perfectly align with what Majestic colleagues do every day in their stores.’
Vagabond was founded in 2009 as a single store in Fulham by Stephen Finch, who came up with the idea while studying for an MBA in London.
As well as running catering outlets where customers can purchase more than 100 wines, the company creates its own wine at an urban winery in Battersea, using grapes from vineyards within two hours of London.
It later received a £3.5 million capital injection from private equity investor Imbiba to expand its operations outside the British capital and internationally, but the Covid-19 pandemic hampered its momentum.
The company’s new owner, Majestic, was acquired by New York-based Fortress Investment Group for £95 million in December 2019. Since then it has launched 19 new stores in towns including Marlow and Haywards Heath.