Naked Wines call in debt advisors

Online wine retailer Naked Wines have called in debt advisors as sales slump and the share price remains at just 6% of the value at its Covid-high, in July 2021.

Naked hopes to be able to refinance its debt and credit facilities, and maintain its current credit facilities, while dropping some of the more onerous requirements from creditors.

The previous high growth business has been struggling in the post-Covid world with sales falling by 18% in the first half of the last financial year and a 10% decline in year-on-year sales in its latest financial results.

Naked Wines operate in three markets - the UK which makes up 39% of sales revenue, the US with 48% of sales and Australia with 13% of sales. In the UK, Naked was the biggest online retailer in 2022, 2023 figures are not out, but unlike its nearest competitors Majestic and Waitrose who have seen online sales increase, Naked's sales have been falling.