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Naked Wines appoints new CEO as it transitions to online-only business

By BFN News | 09:30 AM | Thursday 21 November, 2019


Naked Wines has confirmed Nick Devlin as its new CEO, replacing the retiring Rowan Gormley, amid several changes to its board and management team. Devlin, previously COO, will take up the position when Gormley retires, expected to be after Christmas when the company completes the sale of Majestic Wines. This is expected to realise £111m. John Walden has succeeded Greg Hodder as chairman of Naked Wines, while the company has also created two new leadership roles, focused on developing strategic partnerships in the USA and winemaker relations worldwide. The company also announced its half-year results, reporting underlying revenue growth of 13% in the 26 weeks to 30 September 2019. Investment in acquiring new customers resulted in a total loss for the period of £6.4m, which the company said was expected as it repositioned itself as an online-only business. Nick Devlin said: "We now have the internal capability, clarity of purpose and financial resources to achieve Naked's full potential. I'm looking forward to working closely with the management team to harness this platform and build a business of significant scale." At 9:30am: (LON:WINE) Majestic Wine PLC share price was -6.75p at 255.75p Story provided by StockMarketWire.com

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