Majestic Wine shares fizzing up on sale news

The share price of AIM-listed drinks retailer Majestic Wine (LON:WINE) has risen by 3.47% to 268p (as of 13:30 BST) after it announced details of a deal for the sale of its Majestic Wine branded operations. The company has entered an agreement to sell the business for a cash consideration of £95 million with another £5 million for the disposal of a freehold property subject to planning permission.

CEO Rowan Gormley commented: “I am delighted that we have managed to secure an independent future for both Naked and Majestic Retail and Commercial, allowing both companies to pursue growth by focusing on their unique propositions.

“I would like to thank all staff, customers and suppliers for their loyalty during this process.

“We look forward to the future and continuing to focus on what we do best… sharing our spectacular wines from our hundreds of talented winemakers with our customers!“