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(Alliance News) - Naked Wines PLC said Wednesday it has sold its Lay & Wheeler fine wine business to Coterie Ltd for GBP11.3 million in cash.
The transaction includes Lay & Wheeler Ltd and Vinotheque Holdings Ltd, which together make up the Lay & Wheeler business.
The disposal is in line with Naked Wines's strategy to simplify the company into one business model under a single brand, while selling the Majestic Retail, Majestic Commercial and Lay & Wheeler businesses.
Proceeds from the disposal is expected to be GBP10 million after the payment of transaction costs, and will be held on the balance sheet pending further review of the company's capital requirements.
"Following the disposal of Majestic Retail and Commercial, I am delighted that we have also secured an independent future for Lay & Wheeler and its employees. I would like to thank all staff, customers and suppliers for their loyalty and continued dedication during the process," said Chief Executive Officer Rowan Gormley.
Majestic Wine bought online wine retailer Naked Wines in 2015 for GBP70 million, with Naked Wines founder Gormley given the role of chief executive at Majestic. In June, it announced its plan to sell all the former Majestic businesses and rename itself Naked Wines.
Shares in Naked Wines were down 0.9% at 251.60 pence on Wednesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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