Naked Wines turns to London Stock Exchange to help its next phase of growth
Naked Wines is preparing for the next stage in its rapid growth by joining a London Stock Exchange business support programme.
The online wine retailer, which turned over £60 million last year, has been selected alongside 19 other UK businesses, to avail of high level business support on how to prepare for the next phase of growth.
Naked Wines’ managing director Eamon FitzGerald told harpers.co.uk that the process was about “growing up as a company”. Through the programme it will have access to advice from private equity investors and venture capitalists, as well as the opportunity to learn about IPOs.
Naked Wines Eamon FitzGerald
Source: Tim Atkin
“We don’t have a target for growth, we’re exploring all of our options and looking at the next phase,” he said.
“We want to attract the best winemakers and to do that we need to finance that through our angels, which means we’ve got to have access to cash.”
He said that programme would “tie into our business model and help us grow as fast as possible”.
Aside from access to advice from 40 experts that is normally reserved only for “the big boys”, Naked will also benefit from networking with like-minded firms who are all looking to grow. “We’re preparing the company to move from a small business, to operating in three countries and we’re learning about governance and the systems we need to have in place,” FitzGerald said.
Naked Wines began operating in the UK five years ago, and it opened a US and Australian arm of the business two years ago. It now employs 180 people worldwide.
Four food and beverage companies joined the two-year ELITE programme yesterday, including Graze, Kitwave One Limited and Company Shop.
Xavier Rolet, chief executive of London Stock Exchange, said: “We believe that the environment in the UK is ripe for a programme to support high growth businesses. Innovative businesses are often the most ambitious companies, but to get ahead they need new resources, new relationships and new funding which many businesses find challenging or time consuming to access.
“ELITE will provide high growth companies with the essential tools they need to develop and help foster a connected financial ecosystem, promoting the right type of funding for businesses at each stage of their journey.
“We firmly believe that these companies will fuel the long-term growth of the UK economy, and that ELITE is a unique platform to help them achieve their full potential.”