Retailer Majestic Wines has bought Vagabond Wines out of administration, promising to expand the wine bar brand when the right opportunity comes knocking.
The UK’s largest specialist wine retailer last month confirmed talks regarding a possible takeover after Vagabond went into insolvency.
On Friday, the business backed by Fortress Investment Group said it had completed the acquisition, saving 171 jobs in the process.
Nine of its stores will also remain open, however an underperforming site in Canary Wharf will be shuttered.
John Colley, chief executive of Majestic 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 boss also said he sees potential to open new wine bars when the “right opportunities arise”.
He added: “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.”
City A.M reported last month the London-based wine bar chain asked the High Court to appoint an administrator, as debts caused the business to undertake restructuring.
Vagabond became known as a place for wannabe sommeliers to test their palate, with a host of high-end wines available by the glass through an innovative tap-and-pour system.
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 align perfectly with what Majestic’s colleagues do every single day in their stores.”
Majestic Wines, which now has over 200 stores, has performed well in recent months, attracting more than 60,000 customers over Christmas.
It marks another year of progress and investment for Majestic, following its separation from Naked Wines plc and acquisition by Fortress Investment Group in December 2019.