Majestic Wine who has a store in Beverley on Norwood is looking to offload its stores.
As a result of poor trading figures, the Majestic Wine says they are in talks to get rid of the 200 stores across the UK.
The retailer says that they at an advanced stage of auctioning off their stores. They also add the move is an attempt to get away from what they say is a trouble high street.
While there has been some interest in the business if a buyer is not found they will continue to trade and revisit the auction next year.
Shares in the business fell by 25p to just 293p as a result of the company suffering pre-tax losses of £8.3M.
While sales this year showed a 6.3pc growth. Most of this is thought to have come from their online business Naked Wines which delivers wine directly to consumers doors.
Majestic Wine is the largest specialist retailer of wine in the UK. Any buyers looking to take on the business will stump up £100M to take it off Majestic’s hands.
Interested parties include the owner of Waterstones and investment giant Elliot Advisors.
Political Uncertainty A Factor In Majestic Wine Selling Off Stores
Majestic Wine has also pointed the finger at political uncertainty. They say it is a contributing factor to the issue they find themselves in.
Rowan Gormley, group chief executive says that they are crossroads in the companies history. He also adds that it was a difficult decision to focus on online sales over their high street empire.
News of the retailer facing troubles on the high street comes just weeks after another big brand said they were closing.
Steamer Trading who also trade in Beverley announced they were closing their stores. That news came just months after the business being saved.
Majestic Wine is expected to confirm the outcome of negotiations if and when they reach a conclusion.
