This quarter Majestic Wine is witnessing an 117pc rise in its pre-tax profits bolstered by the robust sales of wines which costs more than £20 a bottle. Profits plunged to a £16m in the year till the end of March, up from £7.4m in the same period since last year.

Majestic shares jumped 4.6pc in early trading. According to the company statements the total sales inclined up to 15.6pc to £233.2m, with accordance to the sales of fine wines coming in the range of £20 a bottle or more then rising 22.7pc and presenting the 5pc of UK store sales.

Further the cost of an average bottle of still wine bought from Majestic rose to £6.56, as compared with £6.35 a year ago. According to Majestic Wine the six-bottle minimum purchase out of 12 bottles has come up with a 54,000 increase in the number of clients buying the past twelve months to 472,000. Also the average spends dipped to a 4pc to £129 however the company experienced a 14.6pc budge in the transactions to 1.7m.