Naked Wines sells wine merchant Lay & Wheeler for £11.3m
Naked Wines today said it has agreed to sell fine wine merchant Lay & Wheeler (L&W) in a deal worth £11.3m.
Read more: City grandee Michael Spencer tables bid for Naked Wine dealer L&W
The online wine retailer said it will sell the division, made up of Lay & Wheeler Limited and Vinotheque Holdings, to private firm Coterie.
The deal comes amid a radical digital transformation plan at Naked, which changed its name from Majestic after agreeing a deal to sell off its retail division to Fortress Investment Group for almost £100m.
Naked said the sale, which is expected to generate proceeds of around £10m after transaction costs, will support its plan to free up capital and focus on its online subscription service.
“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,” said chief executive Rowan Gormley.
“We look forward to our future as a much simplified and growth-oriented company continuing to focus on the huge opportunity ahead of us.”
The transaction marks a blow for City grandee Michael Spencer, who had reportedly tabled a bid for L&W through BI Wine & Spirits, which he chairs and part-owns.
Read more: Naked Wines hopes US float will be recipe for success after Majestic sale
Cavendish Corporate Finance advised Naked on the sale.