Naked Wines sells Lay & Wheeler

Naked Wines (previously known as Majestic) has sold Lay & Wheeler, as it continues its asset sales to raise cash to invest in the expansion of Naked Wines.

Lay & Wheeler became one of the jewels in the Majestic portfolio when it was purchased in 2009 and has been sold by the now renamed Naked Wines for £11.3 million, according to Drinks Retailing News.

Founded in 1854, Lay & Wheeler's focus is on En Primeur sales and subscription sales of fine wine. Lay & Wheeler reported sales up 22.7% to an annual turnover of £14.9 million and “significantly improved profitability”.

The sale will help plug Naked Wines £8.5 million loss for the previous year announced in June and is the first major asset sold, as Naked wines continues to strip the business of assets to fund its loss making growth. Naked's sale of Majestic wines was expected to happen this summer (2019) and although is in advanced talks the actual sale has been subject to delays.