Red alert on wine

Majestic Wine has revealed plans to stockpile up to £8million of booze ahead of Brexit.

The chain decided to act amid continuing worries that a no-deal could still happen and would hit deliveries. Majestic said it planned to import an additional £5m to £8m worth of wine before the end of its financial year and Brexit day on March 29.

It is the latest UK firm to announce stockpiling plans amid fears a no-deal Brexit could lead to gridlock at ports and disruption to the transport of vital supplies and ingredients. Compass, the world’s biggest catering firm, said earlier this week it is planning to stockpile if a withdrawal deal looks unlikely to be agreed, while other businesses taking similar measures include Mr Kipling cakes firm Premier Foods. Details of Majestic’s Brexit contingency plans came as its half-year results showed it plunged to a loss, and it warned about the impact of “tough” retail conditions.

Shares tumbled 16% as the group said it swung to a pre-tax loss of £200,000 for the six months to October 1, down from profits of £3.1m a year earlier, after previously flagged efforts to attract more customers.