Naked Wines’ founder and former chief executive Rowan Gormley has been appointed to an advisory role as the winemaker weathers the current financial storm.
The company, which connects shoppers and wine makers, recently said it was “reviewing potential operational and financial plans for the next 18 months.”
It will publish an update during the week of 17 October.
Gormley founded Naked Wines in 2008 and, following the acquisition by Majestic Wine, became chief executive of the larger group in 2015.
Despite stepping down in 2020, he still owes 2.1 million shares in the group.
Naked Wines said Gormley, whose position is unpaid and will last between two and three months, “will represent the views of shareholders and advise the board accordingly.”
“We wanted shareholder involvement in our ongoing operational and financial planning process,” said chairman Darryl Rawlings.
“I welcome Rowan providing his insight to us because his operational familiarity with the business and his viewpoint as a shareholder will provide a unique and valuable perspective to the Board as we position Naked for long-term sustainable growth.”
The firm saw its shares plummet 40 per cent on Wednesday as it announced the departure of a non-executive director after less than three weeks in the job and a worrying business update.
Liberum analyst Wayne Brown said the director’s departure – 30-year-old Pratham Ravi, from Naked Wines’ largest shareholders Punch Card Capital – meant that “something has gone awry.”
“The fact we are talking about going concern issues, weak balance sheet and liquidity concerns having received circa £83m from the disposal of Majestic Wine only three years ago is quite extraordinary,” Brown wrote.