James Crawford, the chief financial officer of Naked Wines, has decided to step down from the position and as a director of the company in the autumn of this year.
The timing of the announcement is consistent with the two-to-three-year incentive arrangement agreed with Crawford when he rejoined the board as finance chief in 2022, the company noted.
Rowan Gormley, non-executive chair, stated, "James has been with the company for over 10 years, as both CFO and a period as managing director of Naked Wines UK.
"During his tenure Naked has grown from annual revenues of £40 million (€47.3 million) to £290 million (€343.1 million) in FY24 and James' leadership and expertise have played a valuable role in navigating that growth and the subsequent challenges."
Naked Wines chief executive, Rodrigo Maza, added, "James has made an outstanding contribution to the business and has 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."
Before leaving the business, Crawford will oversee the conclusion of the audit and presentation of the FY24 results.
The company also hopes to name a successor by this autumn.
New Credit Facility
Naked Wines also announced the completion of a new credit facility with US-based financial services institution PNC Bank, N.A.
The new five-year facility replaces the previous one with Silicon Valley Bank, a division of First Citizens Bank.
Naked Wines secured the headline facility worth $60 million (€55.5 million) against global wine assets, with available liquidity based on inventory holding value.
Maza stated, "The new facility proves the strength of the Naked's balance sheet and business outlook while reinforcing our liquidity and ability to invest in bringing the best wines to our customers. We look forward to working closely with PNC and continuing to support independent winemakers around the world."
