Vagabond wine bar group appoints advisory firm to 'safeguard' business
Wine bar group Vagabond has appointed an advisory firm as it looks to undergo a restructuring to "safeguard the business".
Vagabond was founded by Stephen Finch in 2010 and now has 11 sites, each serving more than 100 wines by the glass.
It has hired Quantuma to restructure its balance sheet after building up debt during the Covid pandemic and losing its Heathrow Airport bar earlier this year. All remaining sites continue to trade with no closures anticipated at this time.
A spokesperson for Vagabond said: "All of our amazing Vagabond venues are open and trading, offering over 100 delicious wines by the glass, and there are no plans for this to change.
"Due to legacy Covid debts, and other well documented cost pressures, and the loss of the company's highly successful Heathrow venue due to the reconfiguration of airport security, the company has decided to undertake a restructuring to safeguard the business and protect the jobs of our brilliant team.
"The management team, the board and investors remain highly supportive at this time."
In its last filings with Companies House for the year to 27 March 2022, the company reported revenues of £7.4m and gross profits of £5.2m.
Vagabond's concept sees customers purchase credit before selecting and pouring their own wines using self-pour machines.
It has attracted backing from leisure investor Imbiba, which is now listed on Companies House as having significant control of the business.
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