OE Companion Discussion Group

Forum for questions, problems, comments, and suggestions related to OE Companion, the add-on for QuickBooks Online Edition.

You do not need to create an account to post a message.

OE Companion
QuickBooks Online

Im glad I finally signed up

Naked Wines has brought back its founder Rowan Gormley as a board advisor ahead of the finalisation of a new commercial strategy.<br>The online retailer said the South African-born businessman, 60, would hold an unpaid position, expected to last between two and three months, where he will 'represent the views of shareholders and advise the board accordingly.'<br>Gormley's return follows a more challenging year for the company, which issued two profit warnings this summer and seen turnover growth slacken heavily due to the reopening of hospitality venues.<br>      (image:  )    Entrepreneur: Rowan Gormley (pictured) founded Naked Wines 14 years ago following periods working in the private equity industry and for tycoon Sir Richard Branson<br>Problems have been compounded by global supply chain disruption, causing higher logistics and transportation costs, and rising macroeconomic uncertainty.<br>On Tuesday, Naked Wines declared that it was working on an 18-month plan to enhance its profitability and keep costs subdued and 'in active discussions' regarding its $60million credit facility.<br>But the Norwich-based group also revealed that Pratham Ravi, an analyst at Florida-based investment partnership Punch Card Capital, had resigned as a non-executive director after less than three weeks in his post.<br>  RELATED ARTICLES                Share this article Share  No explanation was given for his departure, leading Liberum analyst Wayne Brown to suggest that 'something has gone somewhat awry' at Naked Wines.<br>These issues have taken a toll on , which have plummeted by around 84 per cent this year, though they closed trading 9.7 per cent higher at 99.9p on Friday following the announcement of Gormley's appointment.<br>Chairman Daryl Rawlings said: 'We wanted shareholder involvement in our ongoing operational and financial planning process.<br>'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.'<br>      (image:  )  Business model: For a monthly fee, 'angel' subscribers at Naked Wines can receive wine at discounted prices and review the products they purchase on the company's website <br>Gormley founded Naked Wines 14 years ago following periods working in the private equity industry and for tycoon Sir Richard Branson as the first head of Virgin Direct, later renamed Virgin Money.<br>The pair set up Virgin Wines in 2000, where Gormley spent eight years before being sacked after attempting an unsuccessful management buyout of the retailer from its parent group, Direct Wines.<br>  Starting Naked Wines six months later, Gormley's new startup experienced fast growth through a unique and disruptive business model.<br>For a monthly fee, 'angel' subscribers can receive wine at discounted prices and review the products they purchase on the company's website.<br>Naked Wines then uses subscription funds to pay independent wine producers in advance to make wine, and helps them with third-party bottling facilities, distribution and marketing.<br>Majestic Wine bought the business for £70million in 2015 as part of measures to expand its online presence and gave Gormley the chief executive role of the enlarged group.<br>Gormley left the firm two years ago when Fortress Investment Group took over the high street arm of Majestic and just before the Covid-19 pandemic led to Naked Wines' sales accelerating.<br>Over the past two full reporting years, Naked Wines has seen its total revenues climb by 78 per cent from £202.9million to £350.3million, and the number of 'Active Angels' surged by two-thirds to 964,000.<br>  #fiveDealsWidget .dealItemTitle#mobile display:none #fiveDealsWidget display:block; float:left; clear:both; max-width:636px; margin:0; padding:0; line-height:120%; font-size:12px #fiveDealsWidget div, #fiveDealsWidget a margin:0; padding:0; line-height:120%; text-decoration: none; font-family:Arial, Helvetica ,sans-serif #fiveDealsWidget .widgetTitleBox display:block; float:left; width:100%; background-color:#af1e1e;  #fiveDealsWidget .widgetTitle color:#fff; text-transform: uppercase; font-size:18px; font-weight:bold; margin:6px 10px 4px 10px;  #fiveDealsWidget a.dealItem float:left; display:block; width:124px; margin-right:4px; margin-top:5px; background-color: #e3e3e3; min-height:200px; #fiveDealsWidget a.dealItem#last margin-right:0 #fiveDealsWidget .dealItemTitle display:block;  margin:10px 5px; color:#000; font-weight:bold  #fiveDealsWidget .dealItemImage, #fiveDealsWidget .dealItemImage img float:left; display:block; margin:0; padding:0 #fiveDealsWidget .dealItemImage border:1px solid #ccc #fiveDealsWidget .dealItemImage img width:100%; height:auto #fiveDealsWidget .dealItemdesc float:left; display:block; color:#004db3; font-weight:bold; margin:5px; #fiveDealsWidget .dealItemRate float:left; display:block; color:#000; margin:5px  #fiveDealsWidget .dealFooter display:block; float:left; width:100%; margin-top:5px; background-color:#e3e3e3  #fiveDealsWidget .footerText font-size:10px; margin:10px 10px 10px 10px; @media (max-width: 635px)  #fiveDealsWidget a.dealItem  width:19%; margin-right:1% #fiveDealsWidget a.dealItem#last width:20%  @media (max-width: 560px) #fiveDealsWidget #desktop display:none; #fiveDealsWidget #mobile display:block!important  #fiveDealsWidget a.dealItem background-color: #fff; height:auto; min-height:auto #fiveDealsWidget a.dealItem border-bottom:1px solid #ececec; margin-bottom:5px; padding-bottom:10px #fiveDealsWidget a.dealItem#last border-bottom:0px solid #ececec; margin-bottom:5px; padding-bottom:0px #fiveDealsWidget a.dealItem, #fiveDealsWidget a.dealItem#last  width:100% #fiveDealsWidget .dealItemContent, #fiveDealsWidget .dealItemImage float:left; display:inline-block  #fiveDealsWidget .dealItemImage width:35%; margin-right:1% #fiveDealsWidget .dealItemContent width:63% #fiveDealsWidget .dealItemTitle margin: 0px 5px 5px; font-size:16px #fiveDealsWidget .dealItemContent .dealItemdesc, #fiveDealsWidget .dealItemContent .dealItemRate clear:both    TOP DIY INVESTING PLATFORMS              Affiliate links: If you take out a product This is Money may earn a commission. This does not affect our editorial independence.                adverts.addToArray({"pos":"inread_player"})Advertisement
Cruz Send private email
Friday, September 16, 2022
Try OE Companion for free today!