REG - Naked Wines PLC - Early redemption of Vendor Loan Note

Naked WinesAnnouncement

12/02/2024 16:15

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RNS Number : 8692C  Naked Wines PLC  12 February 2024

For Immediate Release

 

12 February 2024

 

 

Naked Wines plc

("Naked" or the "Company")

 

 

Early redemption of CF Bacchus HoldCo Vendor Loan Note

 

The Company has agreed with CF Bacchus HoldCo, the purchaser of Majestic Wine
Warehouses Limited ("Majestic Wine"), the early redemption of the Vendor Loan
Note ("VLN") received at the time of the sale of Majestic Wine in December
2019 for £9m plus accrued interest of £0.1m. The unaudited management
reporting book value of the VLN as of the end of January 2024 was £11.6m,
resulting in an accounting loss on disposal of c£2.5m.

 

The early redemption serves to strengthen the group's liquidity position and
provides an additional lever for the group to balance liquidity and cost. The
group's net cash guidance for the full year remains £0-15m, with the outcome
within that range to be determined by performance during the remaining trading
periods and working capital movements related to optimising relationships
with external stakeholders.

 

The loss on redemption of the VLN is expected to be reported as an adjusted
item in the group's full year results.

 

For further information, please contact:

 

 Naked Wines plc                                ir@nakedwines.com

 Rowan Gormley, Executive Chairman

 James Crawford, Chief Financial Officer

 Investec                                       Tel: 0207 597 5970

(NOMAD & Joint Corporate Broker)

 David Flin / Ben Farrow

 Jefferies International Limited                Tel: 0207 029 8000

(Joint Corporate Broker)

 Ed Matthews / Harry Le May / Gill O'Driscoll

 Instinctif Partners (PR Agency)                Tel: 0207 457 2020

 Damian Reece / Guy Scarborough

 

 

 

 

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