This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
News
Naked Wines’ CFO departs
Online wine retailer Naked Wines has secured a new US$60m credit facility with US-based PNC Bank as it also announces the departure of its CFO James Crawford.
The new cash injection, which is secured against global wine assets, will be available for five years, and replaces a previous agreement with Silicon Valley Bank.
As a result of the move, it said that it expects now to release its full year results at the end of July “at the earliest”.
CEO of the firm, Rodrigo Maza, said the new facility “proves the strength of the Naked Wines’ balance sheet” and reinforces the company’s liquidity and “ability to invest in bringing the best wines to our customers”.
Craig Stillwagon, PNC Business Credit executive vice president and division executive, said the company was “delighted” to support Naked Wines.
The news follows the firm appointing a debt advisory company in March to explore refinancing options.
CFO
In addition to the finalisation of the company’s credit facility, the company also announced that James Crawford would step down as chief financial officer and a director in the autumn of 2024.
The announcement said the timing was “consistent with the two-to-three year incentive arrangement” that was agreed with Crawford when he rejoined the board in 2022, and also “reflects his significant involvement over the past year in strengthening the financial position of the company”.
It also said he would undertake a “thorough transition process”, including the conclusion and presentation of the 2024 results, before leaving the business.
Rowan Gormley, non-executive chairman, said that Crawford’s leadership and expertise had “played a valuable role in navigating growth and the subsequent challenges.”
Outstanding contribution
Maza added that he had made “an outstanding contribution” to the business and been “instrumental in setting the platform for success we now have.”
“His counsel and experience will be missed. I wish him the very best for the future,” he added.
James Crawford, CFO, said he was “incredibly proud” of what he had achieved at the firm.
He said: “We’ve grown the business by an order of magnitude, overcome some significant challenges, and created an organisation that I believe can thrive for a long time to come. I rejoined the board in July 2022 to work through the post-pandemic challenges and get the business back onto a firm footing.
“Over the last year we’ve reduced the cost base and inventory levels are now dropping. Today’s announcement of our refinancing, which brings additional liquidity and flexibility for the Company, represents the end of this chapter and the right time for me to step back from the CFO role.”
Previous
In November and December last year, Naked board members purchased a significant number of shares in the wine company, including Gormley forking out £38,630.68 on shares just two days after Naked confirmed that CEO Nick Devlin was leaving his role due to a colossal drop in revenue.
In February 2024, it was announced that Maza would take on the role of group executive officer, having been the company’s UK managing director for less than six months (since September 2023).
Naked revealed that Maza will initially work alongside Gormley to steer the ship back to calmer waters, with Naked having weathered consistently freefalling sales.
The e-retailer’s last financial results showed a 10% decline in year-on-year sales, a slight improvement on the 18% sales drop it experienced in the first half of the last financial year. In September 2023, Naked reported a £15 million loss as its sales to new customers dropped to £26.9m in 2023, down from £34m in 2022.
Gormley apologised to shareholders, saying: “The whole board of Naked Wines regret that your support and patience as shareholders, winemakers, angels and employees has not been rewarded. We are all determined to remedy that.”