Naked Wines sells Lay & Wheeler for £11.3 million
Fine wine merchant Lay & Wheeler has announced it will be returning to independent ownership following a sale to Coterie Limited.
The wine merchant, one of the UK’s oldest, was founded in 1854 and was acquired by Naked Wines (then trading under Majestic) in 2009. Naked is believed to have sold the retailer for £11.3 million.
Managing director, Katy Keating said: “I am delighted to share that, as of today, Lay & Wheeler is once more an independent fine wine merchant. Lay & Wheeler was founded in 1854 and our new owners have recognised the rich heritage which comes with our business. They are looking forward to helping support our next chapter as we work harder than ever to help you enjoy the finest of wines.”
In its latest annual results, posted in June, Lay & Wheeler reported sales up 22.7% to an annual turnover of £14.9 million and “significantly improved profitability”. Growth has been attributed to an increased focus on developing the customer experience through improvements in the company’s e-commerce platform and range of wines.
Keating added: “After 160 years, we are just getting started.”
Lay & Wheeler specialises in en primer and subscription services. Its services include its loyalty programme, Cellar Circle, as well as the Fine Wine Discovery Club.