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(Sharecast News) - Wine retailer Majestic has bought struggling wine bar chain Vagabond Wines, safeguarding 170 jobs and saving nine of its 12 bars from closure.
Vagabond, the company known for its self-serve wine machines founded in 2009, has been battling with pandemic-related debts and cost pressures, along with the loss of its Heathrow venue, appointed administrators in March in a bid to restructure the firm.
Majestic's investment will support the company's growth strategy "by building on our existing customer base and allowing us to engage with a younger demographic of wine consumers", Majestic said in a statement.
However, the rescue deal doesn't include two bars in Gatwick Airport and another bar in Canary Wharf.
Majestic chief executive John Colley said: "We are delighted to have secured this partnership with Vagabond Wines and are looking forward to working with the team to share our collective passion, expertise and love of wine.
"The completion of this deal marks the start of a long-term partnership and we are committed to investing in the Vagabond business, with the potential to open new wine bars across the UK when the right opportunities arise."
Vagabond's managing director Matt Fleming said the company had found the "perfect partner to enhance the unique strengths of the Vagabond business and drive a new phase of profitable growth".
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