Bare Wines, the London-listed on-line wine retailer, has drafted in debt advisers to discover refinancing choices amid powerful buying and selling circumstances.
Sky Information understands that Bare Wines has employed Interpath Advisory to work with it after seeing investor confidence within the firm drain away in current months.
Shares in Bare Wines have slumped by nearly a 3rd over the past 12 months, leaving it with a market capitalisation of lower than £50m, though they’ve recovered from their lowest level of lower than 30p.
Final month, it named Rodrigo Maza, its UK chief, as its new group CEO.
He changed Nick Devlin, whose tenure had been punctuated by troubled buying and selling in its US enterprise.
Mr Maza now stories into the corporate’s founder and chairman, Rowan Gormley.
A spokesman for the corporate stated: “We’re contemplating the choices for changing our current credit score facility.
“Having sought professional recommendation on the present debt market and contemplating the energy of the steadiness sheet we imagine there could also be a chance to safe a similar-sized facility that has much less limitation on utilisation and extra versatile covenants leading to fewer restrictions on the actions we will take to cut back stock and drive our broader change agenda.”
Bare Wines, which additionally trades in Australia, works with a whole lot of unbiased winemakers and has almost 1m clients.
Interpath declined to remark.
