August 2, 2019 / 6:15 AM / 4 months ago

Majestic Wine to sell Majestic retail and commercial business for 100 mln pounds

Aug 2 (Reuters) - Majestic Wine said on Friday it had agreed to sell its Majestic retail and commercial businesses to CF Bacchus Holdings Ltd, a vehicle controlled by funds managed by Fortress Investment Group, for about 100 million pounds ($121.06 million).

The British wine retailer, which is also exploring the sale of its Lay and Wheeler business, said it will use the net proceeds to cut debt, invest in its Naked Wines business and return 3.8 million pounds to shareholders through a special dividend. ($1 = 0.8260 pounds) (Reporting by Tanishaa Nadkar in Bengaluru; Editing by Anil D’Silva)

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