Majestic Wine, the UK’s largest specialist wine retailer, could sell all of its 200 UK stores, as it moves focus to its booming online business Naked Wines.

The wine retailer, which employs more than 1,000 people, said last month it was looking to sell some assets, close stores and review its dividend.

Sky News reported on Tuesday that Majestic had appointed investment bank Rothschild to seek potential buyers and also reached out to private equity firms to assess interest for a possible acquisition of its UK stores.

The announcement is the latest sign of the challenges facing Britain’s traditional store groups, with rising property taxes and sluggish consumer spending adding to competitive pressures from online rivals and discount chains.

A company spokesman said: “While a total sale of Majestic Retail continues to be a potential option, it would be wholly unwise to pursue a single track process and materially limit the potential value that can be realized to drive growth.

“We believe the combination of customer migration, disposals and store closures from Majestic Retail will release substantial investment capital and transform the company into an out-and-out growth business.”.

The company will provide more details of its plans on June 13, the spokesman added.

Photo: Majestic Wine Warehouse on Caernarfon Road, Bangor.