Naked Wines has announced the departure of its chief financial officer as it secured a $60m (£47m) boost.
CFO James Crawford will be stepping down from his role at the London-listed wine vendor as it confirmed the new credit line with PNC Bank, replacing its previous agreement with Silicon Valley Bank.
The five-year facility is secured against global wine assets with the company paying an annual interest rate of 2.75-3.25 per cent above the secure overnight finance rate (SOFR).
Naked Wines chief executive 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 the Naked’s balance sheet and business outlook while reinforcing our liquidity and ability to invest in bringing the best wines to our customers.
“We look forward to working closely with PNC and continuing to support independent winemakers around the world.”
Craig Stillwagon, PNC executive vice president and division executive, added:”We are delighted to support Naked Wines goals and growth needs through this new credit facility.
“We look forward to continuing to support the company with financial products and strategies that can help deliver differentiated value to its customers.”
Crawford was set to leave the company in autumn this year after being in his current role and a board member since 2022.
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 the financial year 2024 and James’ leadership and expertise have played a valuable role in navigating that growth and the subsequent challenges.
“On behalf of the board and the company, we extend our gratitude to James for his service and wish him the best in his future endeavours.”