Another vintage investment for Mobeus

Image provided by Image Source, a former Mobeus investee company (www.imagesource.com)
Image provided by Image Source, a former Mobeus investee company (www.imagesource.com)

Mobeus Equity Partners has today announced that it has provided a combined debt and equity package to support the £15.9m management buy-out of Virgin Wines, the major UK wine retailer.

Mobeus has backed the highly experienced, incumbent management team of Virgin Wines, led by CEO Jay Wright, CFO Graeme Weir and Marketing Director Paul Adams, to acquire the business from Direct Wines Limited. The Management Team was advised by Spectrum Corporate Finance.

The MBO comes at a time when the online wine market continues to expand, as many customers move to the convenience of purchasing their wine online. Virgin Wines is well positioned to grow in this market with a niche range of exclusive, boutique-quality wines and innovative customer loyalty schemes such as its WineBank scheme and its specialist wine plans, Discovery Club and JustREDS. Over 90% of the company’s wines are exclusive to Virgin Wines, sourced directly from producers and therefore unavailable from other providers.

Virgin Wines was founded in 2000 and acquired by Direct Wines in 2005.  Jay Wright had previously built a successful mail order wine business, Warehouse Wines, which was acquired by Direct Wines in 2002. Jay, Graeme and Paul took over Virgin Wines in 2008 and merged it with Warehouse Wines in 2009. The management team has successfully grown the combined business to a turnover in excess of £35m. 

Jonathan Gregory, Partner and Chief Investment Officer of Mobeus commented: “We are delighted to back an excellent team and to be involved with the iconic Virgin brand.  We believe that the online wine market will continue to grow strongly and Virgin Wines will continue to mature as an independent business.”

– Ends –

Issued by Mobeus Equity Partners LLP, of 30 Haymarket, London SW1Y 4EX, registered in England & Wales number OC320577, authorised and regulated by the Financial Conduct Authority, number 456538. This material is for information only and does not constitute an offer to buy or sell an investment nor does it solicit any such invitation. The information contained in this email is believed to be accurate at the date of publication but no representation or warranty stated or implied is made or given by any person as to its accuracy or completeness and no responsibility or liability is accepted for any such information or opinion.

Return to previous page >