Elliott Advisors – the investment company that owns Waterstones and most recently acquired Barnes & Noble – has made a bid for Majestic Wine.

The investment firm has joined the £100m auction for the wine retailer alongside rival investment companies OpCapita and Fortress, according to Sky News.

As part of Majestic Wine’s transformation plan unveiled in March, it is looking to shift its focus to its digital arm Naked Wines, which it acquired in 2015.

As a result of this strategic shift, the business plans to close bricks-and-mortar stores and sell assets.

Majestic Wine posts its preliminary results tomorrow and is expected to update the City on its strategic plans.

The wine specialists’ sales increased 6.3% over the 10 weeks to December 31, but core Majestic retail sales were up just 1.5%. In contrast sales at Naked Wines shot up 15.9%.

Elliott Advisors revealed it bought American book retailer Barnes & Noble at the beginning of the week for in a deal worth $683m (£538m).

Waterstones boss James Daunt will assume the role of Barnes & Noble chief executive following the completion of the deal and will be based in New York.

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