Virgin Wines goes independent in bid to grow
It was announced yesterday morning that Mobeus Equity Partners and Connection Capital have supported a £15.9 million management buyout of the Virgin Wines from Direct Wines, led by Virgin Wines CEO Jay Wright along with CFO Graeme Weir and marketing director Paul Adams.
Wright has been in talks since February to buyout the company as he was eager to grow the business “independently”. Direct Wines were focused on financing other ventures and so he felt it was time to go independent.
Virgin Wines was founded in 2000 and acquired by Direct Wines in 2005, reputedly for just £1. He also pointed out, “I started my own business and sold it to Direct Wines, so to take it back out feels like I’ve come full circle.”