REG - Naked Wines PLC - CFO Succession Plan

Naked WinesAnnouncement

09/07/2024 07:15

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RNS Number : 5763V  Naked Wines PLC  09 July 2024

9th July 2024

 

Naked Wines plc

("Naked Wines" or "Company")

 

CFO Succession Plan

 

Following the finalisation of the Company's new credit facility, announced
separately today, Naked Wines announces that James Crawford has informed the
Board of his intention to step down as Chief Financial Officer and as a
Director of the Company in the autumn of 2024. This timing is consistent with
the two-to-three-year incentive arrangement agreed with James when he rejoined
the Board as CFO in 2022, and reflects his significant involvement over the
past year in strengthening the financial position of the Company. James will
undertake a thorough transition process including overseeing the conclusion of
the audit and presentation of the FY24 results before leaving the business
during the autumn by which time we expect to have a successor in place.

 

The Company has a well advanced transition plan with the permanent recruitment
process already underway.

 

Rowan Gormley, Non-Executive Chairman, said:

 

"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 £40m to £290m in FY24 and James' leadership and expertise
have played a valuable role in navigating that growth and the subsequent
challenges. On behalf of the Board and the Company we extend our gratitude to
James for his service and wish him the best in his future endeavours."

 

Rodrigo Maza, CEO, said:

 

"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."

 

James Crawford, CFO, commented:

 

"I'm incredibly proud of what we have achieved in the decade I've been at
Naked. 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. I remain a committed
and passionate supporter of Naked and will cherish the lifelong friendships
made during my tenure. I wish the Board, Maza and the exceptional management
team at Naked all the best for the journey ahead."

 

 

For further information, please contact:

 

 Naked Wines plc                           IR@nakedwines.com (mailto:IR@nakedwines.com)

 Rodrigo Maza, Chief Executive Officer

 James Crawford, Chief Financial Officer

 Catherine Miles / Libby Bundock

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

 David Flin / Ben Farrow

 Jefferies (Joint Broker)                  Tel: 0207 029 8000

 Ed Matthews / Harry Le May

 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 (who we call Angels)
commit to a fixed prepayment each month which goes towards their next
purchase. In turn. Naked 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 reported 12 months we served more than 792,000 Angels in the US,
UK and Australia, making us a leading player in the fast-growing
direct-to-consumer wine market.

 

Our customers have direct access to 293 of the world's best independent
winemakers making over 2,000 quality wines in 22 different countries. We
collaborate with some of the world's best independent winemakers like Matt
Parish (Beringer, Stags' Leap) and eight-time Winemaker of the Year Daryl
Groom (Penfolds Grange).

 

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