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Owner of Norwich’s Naked Wines reveals it is stockpiling ahead of Brexit

PUBLISHED: 08:53 22 November 2018 | UPDATED: 14:07 22 November 2018

Naked Wines staff in the wine tasting room of their office. Picture: Naked Wines

Naked Wines staff in the wine tasting room of their office. Picture: Naked Wines

Naked Wines

The owner of Norwich-based Naked Wines has revealed it will stockpile up to £8m worth of products across its group to protect itself against Brexit supply disruption.

Majestic wine warehouse on Dereham Road, Norwich Photo: Bill SmithMajestic wine warehouse on Dereham Road, Norwich Photo: Bill Smith

The owner of Norwich-based Naked Wines has revealed it will stockpile up to £8m worth of products across its group to protect itself against Brexit supply disruption.

In half-year results, Majestic said it will be bringing in “additional inventory [...] in order to mitigate any potential supply chain Brexit disruption in March 2019.”

It added that further inventory would be built to support Naked Wines’ growth into the US.

Naked Wines, a former Future50 company, employs around 170 people and is based at Norvic House in Chapel Field Road.

Despite its parents company swinging from a profit of £3.1m last year to a pre-tax loss of £200,000 for the six months to October 1, the future looks bright for Naked Wines.

Rowan Gormley, group chief executive and founder of Naked Wines, said: “We’re doing well in a tough market. We set out a plan at our capital markets day in April 2018 and we are delivering against it.

“That plan was to accelerate growth by investing in new customers and, so far, the plan is on track.”

Underlying revenue growth for the firm boomed this year, accelerating from 11.6% last quarter to 14% in the current.

The report states that thanks to the £7.9m invested in customer investment this year, Naked is “growing well” and levels of funding will continue.

It says: “As the customer pipeline continues to build, we now expect to increase investment in new customers by at least £6m year on year, ahead of previous guidance of at least £5m year on year, to at least £20m total by the end of the 2019 financial year.

“We also currently see an opportunity for a further step up of £2m or more in financial year 2020, to at least £22m total investment to capitalise on the growth potential in the US.”

Revenue for the firm was also up 14% on last year, making £75.7m this year,

The report adds: “In Naked the path is clear. We aim to double investment over the next few years, stepping up the rate of investment this year and going forward.”

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