Business advisory firm Quantuma has secured the future of Vagabond Wines Limited (“Vagabond”) in a sale to Majestic Wines (“Majestic”).
Quantuma managing directors, Andrew Andronikou and Brian Burke were appointed as joint administrators of Vagabond Wines on 15 March 2024 and traded the business which operated from twelve sites across London, the Southeast and Birmingham whilst they negotiated the sale.
Having successfully developed a strong brand offering and embarking upon a significant programme of investment to diversify the business from its core portfolio, the unexpected closure of one of Vagabond's key expansion sites resulted in the business absorbing notable costs and directly impacted trading levels resulting in a deterioration of its cash flow position.
The sale secures the future of nine Vagabond wine bars and provides clarity and job security for 171 members of staff.
The deal with Majestic excludes Vagabond sites at Gatwick Airport and Canary Wharf. The joint administrators will continue to trade operations at Gatwick whilst they progress discussions with a range of stakeholders and interested parties. Operations at Canary Wharf will cease shortly, with all staff to be redeployed at other locations.
Vagabond was founded as a single wine shop in Fulham in 2010 and has since grown into a
chain of wine bars focused on discovery and experience. Its bars offer more than 100
high-quality wines by the glass, which customers order using innovative tap-and-pour self-serve wine machines. Vagabond’s bars also host a number of regular events, including cheese and wine masterclasses, and are available for corporate bookings. Latest accounts published in March 2022 showed a turnover of £7.4m.
The Vagabond rescue is the latest matter which joint administrators, Andrew Andronikou and Brian Burke have been engaged on. Previous assignments include advising on Leon Restaurants CVA, the rescue of designer fashion brand Ralph & Russo and the rescue of women’s clothing retailer, Select.
Quantuma managing director and joint administrator Andrew Andronikou said, “I am delighted to have been able to secure the long term future of the Vagabond brand. The investment it will receive through its new strategic partnership with Majestic will drive forward its next phase of profitable growth.”
