Thu, 11 Apr 2024 | BUSINESS SALE
Vagabond Wines, a chain of tap-and-pour wine bars, has been acquired out of administration by Majestic Wines. Vagabond, which has locations across London, the South-East and Birmingham, fell into administration last month.
The company was founded as a single wine shop in Fulham, West London in 2010 and has since expanded into a chain of bars offering a tap-and-pour self-service model. The bars also host events including cheese and wine masterclasses and corporate occasions.
The chain’s strong growth over the past decade saw it embark upon investment to diversify away from its core portfolio. However, the closure of one of its key expansion sites saw the company absorb significant losses, directly impacting trading levels and resulting in a deterioration of the business’ cash flow position.
As a result, it appointed Quantuma managing directors Andrew Andronikou and Brian Burke as joint administrators on March 15 2024. The joint administrators continued trading the business while negotiating a sale.
They have now concluded a rescue deal with Majestic Wines that secures the future of nine of the company’s wine bars and saves more than 170 jobs. Vagabond’s sites at Canary Wharf and Gatwick Airport, however, are not included in the sale.
The joint administrators will continue trading the Gatwick site while continuing discussions with stakeholders and interested parties, but operations at the Canary Wharf location will cease shortly, with staff to be redeployed to other sites.
Quantuma managing director and joint administrator Andrew Andronikou commented: "I am delighted to have been able to secure the long term future of the Vagabond brand. The investment it will receive through its new strategic partnership with Majestic will drive forward its next phase of profitable growth."
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