The chief financial officer of online retailer Naked Wines is to step down later this year.

The company said this week that James Crawford has informed the board of his intention to step down as CFO and as a director of the company this autumn.

The news comes as Naked secured a new $60 million credit facility with PNC Bank.

The company said the timing of Crawford’s decision is “consistent with the two-to-three-year incentive arrangement agreed” when he rejoined the board as CFO in 2022.

Naked said the company has a “well advanced” transition plan with the permanent recruitment process already underway.

Crawford said of his decision: “I’m incredibly proud of what we have achieved in the decade I’ve been at Naked. We’ve grown the business by an order of magnitude, overcome some significant challenges, and created an organisation that I believe can thrive for a long time to come.

“I rejoined the board in July 2022 to work through the post-pandemic challenges and get the business back onto a firm footing. Over the last year we’ve reduced the cost base and inventory levels are now dropping.”

He said refinancing brings additional liquidity and flexibility for the company, and represents the “end of a chapter”.

Rowan Gormley, non-executive chairman, added: “James has been with the company for over 10 years, as both CFO and a period as managing director of Naked Wines UK. During his tenure Naked has grown from annual revenues of £40m to £290m in FY24 and James’ leadership and expertise have played a valuable role in navigating that growth and the subsequent challenges. On behalf of the board and the company we extend our gratitude to James for his service and wish him the best in his future endeavours.”