Did Naked Wines retain the wrong business?

Online wine retailer Naked Wines (LON: WINE) sold the Majestic Wine business in 2019. The difference in the financial positions of the AIM company and the acquirer is indicated by the early payment of the vendor loan note related to the transaction.

CF Bacchus HoldCo was used as the acquisition vehicle by Fortress Investment. The initial payment was £78m in cash and the £12m loan note. There was a £175,000 deferred payment, out of a potential £5m, related to the UK’s regulations following th...

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