Majestic Wine has acquired fine wine specialist Lay & Wheeler for £4.75m in cash plus £1m in net debt.

In a statement Majestic Wine said the acquisition allows it to offer its customers a “complete fine wine service from the vineyard through to storage, cellar management and then secure delivery to their home, or sale within the wider fine wine market”.

The fine wine specialist made an aggregate profit before tax of£0.5m in the year to March 2008. Majestic Wines said the acquisition is expected to be “earnings enhancing” in its first full year.

The acquisition is being funded by a new term loan arranged with Barclays Bank. The loan facility is committed for three years.

Majestic Wine said the 150-year-old Lay & Wheeler has “deep expertise in the specialist fields of fine wine sourcing, en primeur sales, portfolio management, cellarage and broking”.

Majestic Wine chief executive Steve Lewis said: “Given the clear and continuing appetite of our customers for fine wine, Lay & Wheeler is an extremely good fit with Majestic. This acquisition will allow us to greatly extend this important offering and help continue the Majestic growth story.”