Vagabond undertakes restructuring to ‘safeguard business’
The London-based group, which is backed by Imbiba, cited legacy Covid debts combined with other cost pressures and the forced closure of its Heathrow venue as being behind the decision.
Vagabond’s estate currently comprises of 10 sites across the capital alongside an outpost within Gatwick Airport’s South Terminal, all of which continue to trade.
In its most recent accounts filed to Companies House for the year ended 27 March 2022, Vagabond reported revenue of £7.4m, which equated to a gross profit of £5.2m.
The loss for the period, after taxation, however, amounted to £859,625.
According to City A.M., Vagabond Wines applied a notice of intention to appoint an administrator to the High Court on Monday (4 March).
The London office of US law firm McDermott Will and Emery is down as the business legal representative.
In a statement, 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.”
Vagabond was founded in 2010 by Stephen Finch.
In January it was reported that Finch had left the group, and documents subsequently filed to Companies House show that he is no longer a person with significant control at the business.
