Wine producer and distributor Majestic Wine PLC is seeking £100 million for its store network, and private equity firm OpCapita LLP is among the shortlisted bidders, Sky News reported.

Majestic, which has about 200 stores within its retail and commercial operations, is looking to become an online-only retailer. The company confirmed in a release that it plans to sell its retail business, adding that it has received expressions of interest.

Citing City sources, the news outlet said that Majestic and Rothschild, which is serving as an adviser to the winemaker, aim to secure a deal by June, when the company is due to update the City on its conversion plans. Also in the running for the store network are an unidentified U.S.-based investor and a turnaround firm, according to the May 20 report.

Majestic intends to use the proceeds from any sale to foster the growth of its business, which will be renamed Naked Wines.

A spokesman for OpCapita did not comment on the matter, according to the news outlet.