Fri, 07 Jun 2024 | BUSINESS SALE
Administrators from Quantuma have completed the sale of tap-and-pour wine bar chain Vagabond Wines’ two sites within Gatwick Airport. Vagabond Wines Limited, which operated across London, the Southeast and Birmingham, fell into administration in March 2024, with Andrew Andronikou and Brian Burke of Quantuma appointed as joint administrators.
The joint administrators traded the business whilst negotiating a rescue deal and, in April 2024, completed a sale of the bulk of the firm’s sites to wine retailer Majestic. The deal rescued nine of the company’s 12 sites, which continued to trade under the Vagabond brand.
The company’s underperfoming site at Canary Wharf was the only outlet to close as a result of the administration and the two remaining sites, both located within Gatwick Airport, have now been acquired by Airport Retail Enterprises (ARE), in a deal that saves more than 120 jobs.
Joint administrator and Quantuma Advisory Managing Director Andrew Andronikou commented: “I am delighted to have achieved such great outcomes, which all told means the preservation of in excess of 300 jobs.”
“Both acquirers are well positioned to provide funding and operational expertise to support the next phases of profitable growth for the businesses.”
Vagabond was founded in 2010 as a single wine shop in Fulham, West London, with the company’s success seeing it expand into an established chain over the following decade. In addition to its tap and pour self-service model, the company also became known for hosting events such as cheese and wine masterclasses and corporate occasions.
This success led to it seeking to invest in diversifying away from its core operations. However, the closure of a key expansion site led to the company absorbing significant losses, which had a direct impact on trading levels. This resulted in a deterioration of its cash flow position and, ultimately, the appointment of administrators.
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