9th Jul 2024 11:38
(Alliance News) - Naked Wines PLC on Tuesday said it secured a new credit facility as the company also announces plans to recruit a new chief financial officer.
The Norwich, England-based online wine retailer said CFO James Crawford has declared his intention to resign and step down from the board later this year in the autumn period.
Naked Wines said this decision is consistent with a two-to-three-year incentive arrangement agreed with James when he rejoined the board as CFO in 2022 having spent a previous stint in the role from 2019 to 2021. Crawford also served as finance director from 2014 to 2015.
This latest change comes after the appointment of Chief Executive Officer Rodrigo Maza in February, and the company said "well advanced" plans are in place and underway to find a permanent successor.
In addition, Naked Wines has successfully completed a new credit facility totaling USD60 million with PNC Bank NA secured against global wine assets.
The facility has a term of 5 years and replaces a previous arrangement with Silicon Valley Bank, a division of First Citizens Bank Inc.
"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," Maza said.
This new arrangement improves from the previous facility offering reduced interest costs as a result of improved margins, as well as the eliminated of cash holding requirements.
Naked Wines shares were up 2.7% to 62.70 pence each in London on Tuesday morning.
By Elijah Dale, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.