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Naked Wines shares up on "constructive" financing talks

20th Mar 2024 13:47

(Alliance News) - Naked Wines PLC shares rose on Wednesday, after it said it has had "constructive" talks to replace or renew its current credit facility.

Shares in the Norwich-based online wine seller were up 6.3% to 54.10 pence each in London on Wednesday afternoon.

Naked Wines said it is working with an adviser to explore options for replacing or renewing its existing credit facility.

The existing credit facility expires in April 2025, and therefore the company said it is "running a typical replacement review well in advance of that date."

"The company is targeting a facility of similar scale with additional financial and operational flexibility, providing more capacity to pursue the actions being undertaken to return the company to profitable growth," it said.

Naked Wines added that "constructive discussions" are being to secure funding.

It also updated shareholders on its trading position.

The company said that revenue in the fourth quarter of financial 2024 has been in line with company expectations. The company's financial year runs to March 28.

It noted that its net cash position has improved to around GBP17 million, up from GBP3 million at during its third quarter.

Naked Wines plans to provide a further pre-close trading update for financial 2024, including an update on the refinancing process, prior to publishing results in July.

By Sophie Rose, Alliance News senior reporter

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