1. Home
2. News

Naked Wines hires debt advisers Interpath

The company hinted that it was seeking expert advice in its December results statement, following a 10% decline in year-on-year sales.

As reported by Sky News, debt advisers Interpath Advisory will assist Naked Wines to help raise funds for the business.

• Read more: Naked Wines announces new CEO
  

A spokesperson for Naked Wines said: “We are considering the options for replacing our existing credit facility. Having sought expert advice on the current debt market and considering the strength of the balance sheet we believe there may be an opportunity to secure a similar-sized facility that has less limitation on utilisation and more flexible covenants resulting in fewer restrictions on the actions we can take to reduce inventory and drive our broader change agenda.”

The news comes as shares in Naked Wines have fallen by almost a third in the last year – the company’s current market capitalisation stands at less than £50m.

Last month the retailer named Rodrigo Maza as its new CEO, following the abrupt departure of Nick Devlin in November 2023. Maza now reports to the company's founder and chairman, Rowan Gormley.

Devlin stepped down from the top role in November but continued to serve as the retailer’s US president. The US is the largest market for Naked according to its annual report and, in January 2024, the company launched a sitewide half-price sale, further fuelling speculation that the business was struggling financially.

• Naked Wines
• rowan gormley
• Nick Devlin
• Rodrigo Maza
• Interpath Advisory