Saffery Champness assists acquisition of Lay & Wheeler, Naked Wines plc’s fine wine arm, by Coterie Limited
Saffery Champness’ London Corporate Finance Team, led by Niraj Patel, provided financial and tax due diligence services to a privately-owned family office in support of its acquisition of Lay & Wheeler Limited.
Lay & Wheeler, established more than 160 years ago, is a market leader in the supply and distribution of fine wines. The business offers en primeur, subscription-based wine clubs, as well as brokerage and bonded cellarage services.
Majestic initially acquired Lay & Wheeler from the Wheeler family in 2009, before a reverse merger with Naked Wines in 2015. In the year to 1 April 2019, Lay & Wheeler contributed £14.9 million in underlying revenue and £1.2 million in underlying adjusted earnings before interest and taxes (EBIT) to the Naked Group.
Lay & Wheeler’s rich heritage is recognised under new, independent ownership and the entire team looks forward to supporting the business’ next chapter.