Naked Wines has called in debt advisers to look at possible refinancing options as the retailer struggles amid challenging trading conditions.
The online wine retailer has hired Interpath Advisory after seeing investor confidence in the company plummet in recent months, Sky News reports.
Shares in Naked Wines have fallen by almost a third over the last year, leaving it with a market capitalisation of less than £50m.
A spokesman for the company told the publication: “Having sought expert advice on the current debt market and considering the strength of the balance sheet we believe there may be an opportunity to secure a similar-sized facility that has less limitation on utilisation and more flexible covenants resulting in fewer restrictions on the actions we can take to reduce inventory and drive our broader change agenda.”
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The news comes after the business promoted former AB InBev executive Rodrigo Maza to chief executive last month.
Naked Wines confirmed it would be cutting jobs earlier this year, as it looked to reduce costs by an additional £7m this year, with around 50 roles impacted.
In November, it reduced its full-year guidance due to “weaker than anticipated” US sales, as its CEO Nick Devlin left the business with immediate effect.
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