REG - Naked Wines PLC - Board Changes

Naked WinesAnnouncement

04/07/2023 10:00

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RNS Number : 9058E  Naked Wines PLC  04 July 2023

4 July 2023

 

Naked Wines plc

 

("Naked" or the "Group")

 

Board Changes

 

The Board is announcing the following changes, which will take immediate
effect, to support the development of plans to drive profitable growth:

 

●    The appointment of Rowan Gormley to the Board, assuming the role of
Chairman

●    David Stead will step down as Chairman and leave the Board

●    The appointment of Jack Pailing to the Board, as an Independent
Director

 

As indicated in today's trading update, it is clear that to deliver
sustainable, profitable growth the Group needs to recruit new customers at a
higher rate. Having founded Naked Wines in 2008 and built the business to
nearly £200m of revenues Rowan is well placed to support that goal.

 

David Stead, outgoing Chairman commented:

 

"I am pleased to be handing over the chairmanship of Naked to Rowan as the
business develops plans to deliver profitable growth over the long term. In my
time with the Company, it has more than doubled in scale and, most recently,
we have successfully transitioned from a period of exceptional growth during
the pandemic, to the current focus on profit and cash. I wish Rowan and all
the team at Naked every success."

 

Rowan Gormley, incoming Chairman commented:

 

"My thanks to David and the team for executing a challenging transition in a
turbulent market. With a proven ability to deliver profit we now progress to
the next stage, and develop plans to deliver profitable, sustainable growth. I
am excited to return to a much larger business that has an exciting future
ahead and I look forward to working closely with the reshaped Board to deliver
on Naked's full potential."

 

Rowan Gormley (61) has held the following directorships in the past five
years:

 

Current Directorships

None

 

Previous Directorships

Majestic Wine Warehouses Limited

Lay & Wheeler Limited

Naked Wines PLC

Naked Fine Wine Bonds PLC

Nakedwines.Com, Inc.

 

Rowan Gormley, founder and previous CEO, currently owns 1.8m shares. There are
no other matters which are required to be disclosed in accordance with Rule 17
and paragraph (g) of Schedule Two of the AIM Rules for Companies.

 

Jack Aleksander Pailing (36) has held the following directorships in the past
five years:

 

Current Directorships

2022- Colebrooke Partners IM Ltd

2021- NRDA Studio Ltd

2020- Colebrooke Partners Consulting Ltd

2019- Colebrooke Partners Management Ltd

2017- Colebrooke Partners Ltd

 

Previous Directorships

None

 

Jack Pailing represents Colebrooke Partners, which owns 368,116 shares, and
brings experience in investment analysis and capital allocation to the Board.
There are no other matters which are required to be disclosed in accordance
with Rule 17 and paragraph (g) of Schedule Two of the AIM Rules for Companies.

 

For further information, please contact:

 

 Naked Wines plc                           IR@nakedwines.com

 Nick Devlin, Chief Executive Officer

 James Crawford, Chief Financial Officer

 Clara Melia / Chris MacDonald

 Investec (NOMAD & Joint Broker)           Tel: 0207 597 5970

 David Flin / Ben Farrow

 Jefferies (Joint Broker)                  Tel: 0207 029 8000

 Ed Matthews / Gill O'Driscoll

 Instinctif (Financial PR)                 Tel: 07917 178 920 / 07931 598 593

 Guy Scarborough / Damian Reece

 

 

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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