REG - Naked Wines PLC - Board changes

Naked WinesAnnouncement

20/10/2022 07:00

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RNS Number : 5361D  Naked Wines PLC  20 October 2022

20 October 2022

Naked Wines plc

("Naked" or the "Group")

 

Board Changes

 

Naked Wines PLC today announced a new operating & financial plan, focusing
on its pivot to profit.

Concurrent with this plan, Naked Wines today also announces the following
changes to the board.

●     Darryl Rawlings will step down as Chairman of the board, effective
today and as a member of the board at months' end

●     David Stead will assume the role of Chairman of the board,
effective from today(1)

●     Deirdre Runnette will assume the role of Senior Independent
Director ("SID") also effective from today

●     The Board has initiated the process to recruit a new Chair of the
Audit Committee and an announcement will be made in due course

●     The board is in active discussions with James Crawford to assume
the CFO role on a permanent basis to support delivery of our new operating
& financial plan

David Stead has served as a Director of Naked Wines since 2017 and currently
serves as the Chair of Naked Wines Audit Committee and brings to the board
extensive Finance & UK Public markets experience.

Darryl Rawlings, outgoing Chairman commented:

"I joined the board of Naked Wines with the goal of helping management
successfully pursue its mission to connect wine drinkers with world class
winemakers, while building a strong team and growing its intrinsic value per
share. As the Company initiates its new plan, with a strong cost agenda, we
believe that it is the right time to transition the role of Chairman. I remain
an enthusiastic paying member and investor in Naked Wines, I wish everyone the
best."

Nick Devlin, CEO commented:

 "As the founder and CEO of a direct to consumer, monthly subscription
platform, Darryl has been a tremendous asset to us over the past twelve
months. His focus on the fundamentals and unit economics have been helpful to
us as we seek to create long-term sustainable value for our members,
winemakers, team and shareholders.

I'd also like to welcome David to the role of Chairman. David brings a deep
understanding of the Naked Wines model combined with extensive operating
experience and I believe he will be a great asset to myself and the management
team in navigating Naked successfully through the current market and consumer
environment".

David Stead commented:

"I look forward to working closely with Nick and James in the coming months
and beyond. My aim, together with the other non-executive directors, is to
support them in delivering improved liquidity and sustainable profitability."

 

1. Naked Wines had previously announced David Stead's intent to step down from
the board at the company's Interim Results. Today's announcement supersedes
that with David committed to the board to ensure delivery of the Operating
& Financial plan announced today.

 

For further information, please contact:

Naked Wines plc

Nick Devlin, Chief Executive Officer

James Crawford, Chief Financial Officer

Clara Melia / Chris MacDonald
                                IR@nakedwines.com

Investec (NOMAD & Joint Broker)

David Flin / Carlton Nelson / Ben Farrow
 
Tel: 0207 597 5970

Jefferies (Joint Broker)

Ed Matthews / David Genis / Gill O'Driscoll
 
Tel: 0207 029 8000

Instinctif (FInancial PR)

Guy Scarborough / Damian
Reece
Tel: 07917 178 920 / 07931 598 593

About Naked Wines plc

Naked Wines connects everyday wine drinkers with the world's best independent
winemakers.

Why? Because we think it's a better deal for everyone. Talented winemakers get
the support, funding and freedom they need to make the best wine they've ever
made. The wine drinkers who support them get much better wine at much better
prices than traditional retail.

It's a unique business model. Naked Wines customers commit to a fixed
prepayment each month which goes towards their next purchase. Naked in turn
funds the production costs for winemakers, generating savings that are passed
back to its customers. It creates a virtuous circle that benefits both wine
drinker and winemaker.

Our mission is to change the way the whole wine industry works for the better.
In the last financial year, we served more than 960,000 Angel members in the
US, UK and Australia, making us a leading player in the fast-growing
direct-to-consumer wine market.

Our customers (who we call Angels) have direct access to 266 of the world's
best independent winemakers making over 2,500 quality wines in 20 different
countries. We collaborate with some of the world's best independent winemakers
like Matt Parish (Beringer, Stags' Leap) and 8-time Winemaker of the Year
Daryl Groom (Penfolds Grange).

 

 

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