Majestic’s bold bet on the on-trade: inside the Enotria & Coe acquisition
Following its recent deal with Enotria & Coe, db takes a closer look at the most significant consolidation in the British wine industry since Majestic’s own rebirth.
This week, Majestic announced its acquisition of Enotria & Coe, a move as quietly assured as it is momentous. While the UK’s wine trade has witnessed its fair share of consolidation over the past two decades, few pairings carry quite the same strategic significance — or the same sense of inevitability.
In what Majestic describes as a “formal agreement,” the deal sees the UK’s largest specialist wine retailer absorb one of its most formidable competitors in the premium distribution space. Though both Enotria & Coe and Majestic Commercial will remain as standalone entities, the acquisition lays the foundation for what could become the most dominant on-trade force in the UK.
“It is a business we have competed against and admired for a long time,” said John Colley, Majestic’s CEO. “We believe this is a compelling strategic combination.”
The resonance is clear: a powerful commercial operator, recently reinvigorated under Fortress Investment Group ownership, now folds into its offering a company whose legacy — spanning from Remo Nardone’s founding of Enotria Wines in 1972 to its present incarnation with over 300 premium producers — has long been admired for its depth, exclusivity and commitment to the trade.
A timeline of consolidation
The journey to this point has been deliberate. In 2019, Majestic was acquired by Fortress Investment Group, marking its escape from the often-misguided digital pivot under Naked Wines. Since then, the business has undergone what can only be described as a renaissance — reopening stores, rebuilding relationships and sharpening its focus on both retail and commercial trade.
This commercial rejuvenation bore fruit when Majestic Commercial was crowned On-Trade Supplier of the Year at The Drinks Business Awards in 2024, marking three years of consecutive double-digit sales growth and a customer base of over 3,000 hospitality venues.
Meanwhile, Enotria & Coe had undergone its own transformation, emerging from a decade of carefully executed acquisitions — including Wheeler Cellars (2008), Great Western Wine (2010), and Coe Vintners (2015) — and solidifying its credentials in the on-trade. The appointment of Julian Momen as ceo in October 2023, following Troy Christensen’s departure, signalled a new chapter under leadership seasoned in premium drinks strategy, honed at both Carlsberg and Diageo.
“This combination is fantastic news for Enotria & Coe colleagues, customers and our future growth ambitions,” said Momen. “We have a similar business ethos.”
The stage was thus set for a union that now seems not just logical but necessary.
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People power: the Matt Davies appointment
The timing of Matt Davies’s appointment as general manager of Majestic Commercial in February 2025 now appears with uncanny precision. Davies, a seasoned hand in the on-trade, brings deep familiarity with both businesses, having led Enotria & Coe’s on-trade division — then responsible for 80% of sales — and steered Sipsmith’s commercial strategy.
Replacing Maria Lopez, who has since joined Freixenet Copestick, Davies inherited a thriving team and now, an even broader canvas to paint upon.
“He has an incredible track record,” said Colley. “His wealth of knowledge will be invaluable as we pursue our strategy.”
Vagabond: a precursor to the Enotria deal?
It’s tempting — and instructive — to read this move alongside Majestic’s earlier acquisition of Vagabond Wines in April 2024. At the time, Vagabond was facing mounting pressure from pandemic debts and cost inflation despite strong trading and brand equity. Majestic stepped in, preserving the business and its nine-location network.
More than just a rescue, the Vagabond deal represented a strategic pivot toward experience-driven retail — one that dovetails neatly with Majestic’s brand DNA. Notably, the acquisition brought with it 400,000 customer records and a younger, more exploratory demographic, a valuable asset for future engagement.
And crucially, Majestic retained the Vagabond name and team, installing its own people — including Jack Merrylees and Patrick Rummens — to lead marketing and expansion. It’s a playbook that bears a striking resemblance to the Enotria & Coe acquisition: buy strategically, integrate judiciously and preserve what makes the target special.
What comes next?
This latest acquisition raises a natural question: is Majestic gearing up for a broader wave of consolidation? The signs are promising.
- With Fortress behind it, the group has access to significant capital.
- With the on-trade growing fast (now 12% of revenue), the appetite is clearly there.
- And with retail, commercial and hybrid hospitality all under one roof, Majestic now enjoys a unique multi-channel footprint.
Where acquisitions can be characterised by friction or cultural mismatch, Majestic and Enotria appear to have avoided the common traps. If managed with care — and all signs point to it being so — this could become a case study in thoughtful, sustainable consolidation.
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