NAKED Wines, the wine funding business launched by former Virgin executive Rowan Gormley, has launched a £3m fundraising using bonds that pay interest in wine.
The fine wine bonds, which have a three-year duration, will pay gross interest of 10 per cent in wine credits for customers to snap up more bottles from Naked Wines.
Investors can also receive the payments in cash at a seven per cent interest rate if they choose to skip the vino.
“Fine wine takes time and so we need funds over a longer period,” Gormley told City A.M.
The former Virgin Money boss launched the business, which has 150,000 customers, in 2008 to fund up and coming winemakers. So far it has invested £25m in independent producers who make wine sold on to customers.
Investors can put between £500 and £10,000 into the bonds.