Naked Wines CFO to step down after securing new credit facility

Naked Wines has announced that CFO James Crawford will be stepping down in the autumn, following the finalisation of the group’s new credit facility. 

According to the wine retailer, this timing is consistent with the two-to-three-year incentive arrangement agreed with Crawford 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”. 

Crawford will be undertaking a thorough transition process including overseeing the conclusion of the audit and presentation of the FY24 results before leaving the business, by which time Naked Wines expect to have a successor in place.

Rodrigo Maza, CEO of Naked Wines, 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.” 

The new five-year credit facility with PNC Bank, which has a headline facility size of $60m (£46.8m) that is secured against global wine assets with available liquidity based on inventory holding value, replaces the one previously in place with Silicon Valley Bank.

This new deal is expected to improve capacity to support trade and financial creditors; reduce interest costs due to improved margins and elimination of cash holding requirement; and improve capacity to support trade and financial creditors.

Maza added: “I’m pleased to have agreed this new facility with PNC Bank and welcome them on board as our new financial provider. 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.”