Majestic's £70m swoop
MAJESTIC Wine has uncorked a deal worth up to £70million to buy online rival Naked Wines to put the fizz back into flagging sales.
Naked's founder Rowan Gormley will be chief executive of the combined group.
Majestic's chairman Phil Wrigley said "all roads led to Naked" as it considered how to expand online and overseas. For Gormley, who started his crowdfunded business in 2008, a tie-up with Majestic will accelerate his growth plans by five years.
Naked, which has 300,000 customers and more than 130 suppliers worldwide providing exclusive wines at preferential prices, grew sales last year by 40 per cent to £74million.
