Your support helps us tell the story
Learn moreclose
As a White House correspondent, I ask hard questions and want important answers.
Your support allows me to stand in the chamber and speak for transparency and accountability. Without your support, I would not have the resources to take on those in power.
Your donation allows us to continue our important work of keeping you informed every step of the way leading up to the November election. 
Andrew Feinberg
White House Correspondent
Naked Wines has appointed a new financial chief as the loss-making online wine retailer seeks to restructure its business amid plummeting sales.
The London Stock Exchange-listed company's pre-tax losses widened to 16.3 million pounds in the 12 months to April 1, from 15 million pounds a year earlier.
Sales fell 18% year-on-year to £290 million, while repeat business from existing customers fell by a quarter year-on-year to £63.5 million.
Naked Wines also invested in attracting new customers, spending £23.3m on winning new business, up 9% on the previous year.
Despite the growing losses, Naked Wines is “making great progress turning things around”, said chairman Rowan Gormley.
He said: “Now that the team has addressed our cost base and liquidity issues, we can focus on our bigger goal – restoring Naked Wines to profitable growth.”
“With a new, energized team approaching the challenge with a fresh perspective, I am confident Naked will realise its potential to revolutionise the direct-to-consumer wine market.”
The company has appointed Dominic Neary, MindGym's current financial director, as its new chief financial officer, who is due to join the company on November 11th.
In a statement, MindGym said Neary had “helped return the business to profitability and built a scalable, global operation.”
This comes after a period when runaway inflation has increased the cost of doing business and led to widening losses for Naked Wines.
The company cut 50 jobs in January and removed independent director Melanie Allen from its board of directors.
In its earnings announcement, the company pointed to one-time “restructuring costs,” including job reductions, as part of the reason for the wider loss.
Naked Wines CEO Rodrigo Maza, who joined the company in April, said the company has “made great progress by strengthening its financial base, embedding strong operating practices and, importantly, defining a strong customer proposition.”
“This proposal not only advances our mission to enable independent-minded wine drinkers to enjoy great wine without the guesswork, but it also ultimately ensures long-term engagement and competitive advantage,” he said.
