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LONDON (Alliance News) - Majestic Wine PLC has sets its price for its 200-store network with a "small number" of investors circling, Sky News reported Monday afternoon.
Citing source, Sky said Majestic and its advisers at Rothschild are keen to tie up a deal and are asking for GBP100 million to boost Majestic's move to an online brand.
Included in the potential bidders is the former owner of Comet electrical retail chain, OpCapita, run by investment banker Henry Jackson.
According to Sky, OpCapita - which owns Football Pools and previously held a stake in Game Digital PLC - is competing with a US-based investor and another turnaround firm.
https://news.sky.com/story/former-comet-owner-wants-to-toast-100m-majestic-wines-deal-11724788
Shares in Majestic Wine were up 6.4% Monday at 266.00 pence each.
At the end of March, Majestic announced it was undergoing a transformation and would be rebranding itself as Naked Wines.
Majestic bought online wine retailer Naked Wines in 2015 for GBP70 million, with Naked Wines founder Rowan Gormley given the role of chief executive at Majestic.
At the time, Majestic said it would fund its transformation by releasing value from Majestic Wine by selling assets and closing stores, and will also migrate Majestic customers to the Naked brand.
Majestic is expecting to meet its GBP500 million sales target for financial 2019 and its adjusted profit before tax is expected to be close to the current consensus of GBP11.1 million.
