Majestic Wine's profits have fallen for the first time in more than a decade, as a more sober corporate Britain cuts back on champagne-fuelled parties.

The UK's biggest wine warehouse chain said pre-tax profit for the six months to September 29 were £5.6m, 25 per cent lower than the same period last year and a bigger drop than expected. It is the first time profits have fallen since Majestic floated in 1996.