Wine to be stockpiled in case of Brexit blues - Majestic

Majestic Wine builds £8m Brexit stockpile as boss defends mounting losses

Majestic Wine builds £8m Brexit stockpile as boss defends mounting losses

Majestic said the United Kingdom market was dragging on its Retail and Commercial markets, adding that the overall drop in profits was due to its investment programme.

"Majestic is a company that has been stockpiling wine for 35 years", the company told CNN.

A United Kingdom retailer is stockpiling wine in case of a no-deal Brexit. "But yes, whatever happens, we have brought forward stock in case of any fallout".

The High Street wine merchant said it would import extra bottles worth between £5 million and £8 million before March 29, 2019, when Britain will leave the EU. The reserve amounts to up to £8m.

The owner of Cadbury's chocolate, Mondelēz global, said in September that it had begun stockpiling ingredients ahead of the Brexit deadline next March.

While the spokesman wouldn't give an exact figure, or precise wine varieties, he added: "We've got a lot of Porta 6, from Lisbon, which is one of are best sellers at the moment". Wine sales in general and still wine sales in particular have been declining for the last couple of years. "That's still very popular". The firm said to i that it has just introduced its first Oregon Pinot Noir, in demand with wine buffs, and said it has been "selling well".

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They fear that leaving the European Union without a transition on trade arrangements would result in chaos at ports and airports.

"In this half we have delivered growth in sales, repeat customer contribution and new customer investment".

Shares fell almost 13 per cent in early deals as investors reacted to its results for the six months to 1 October, reported Sky News.

Majestic reported a loss before tax of £0.2m for its latest six-month period, compared to profits of £3.1m in the same period past year.

Also more customers are ordering online and the Wine Concierge client base has nearly hit 30,000.

Rowan Gormley, chief executive, attempted to shrug off a bruising City reaction to the retailer's swing to a loss by arguing that the business was following the new strategy it outlined in April to invest more in its online, stores and United States business.

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