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Naked Wines unveils new credit facility as CFO departs

Naked Wines unveils new credit facility as CFO departs

Naked Wines chief financial officer and executive director James Crawford is exiting the business, following the finalisation of the group’s new credit line with PNC Bank.

Crawford is stepping down in the autumn, with his departure consistent with the two-to-three-year incentive arrangement agreed with the executive when he rejoined the company’s board as CFO in 2022.

Naked Wines non-executive chairman Rowan Gormley said: “James has been with the company for over 10 years, as both CFO and a period as managing director of Naked Wines UK.

“During his tenure Naked has grown from annual revenues of £40m to £290m in FY24 and James’ leadership and expertise have played a valuable role in navigating that growth and the subsequent challenges.”

The departure comes as Naked Wines, which saw profit plummet in the year to April, announces the completion of its new £47m ($60m) credit facility with PNC Bank.

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The new facility, which is valid for five years, is set to replace the company’s previous facility with Silicon Valley Bank, a division of First Citizens bank.

Naked Wines CEO Rodrigo Maza said: “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 Naked’s balance sheet and business outlook while reinforcing our liquidity and ability to invest in bringing the best wines to our customers.”

He added: “We look forward to working closely with PNC and continuing to support independent winemakers around the world.”

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