NAKED Wines' share price tumbled by more than a third after the online retailer again reduced its forecast for full-year revenues, which are expected to decline by up to 16 per cent, against an earlier forecast of between 8 and 12 per cent.

The loss-making company also said its chief executive has stepped down after just three years in the role, blaming a conflict over his roles leading the UK and US operations.

Outgoing chief executive Nick Devlin will, however, retain his position as president of Naked Wines in the US for the moment.

Last month the company warned that it could go bust after it swung to a £15m full-year loss.

The AIM-listed business said that it is at its "lowest point" of forecast liquidity and continues to expect converting excess inventory to cash over the next 12 to 18 months.

Rowan Gormley, the founder and chairman of the business said: "My view is that this shortfall is largely to do with execution, which in turn is largely due to Nick Devlin splitting his time across both the role of CEO and US president."

"To resolve this situation Nick has agreed to step down as CEO and I will move to executive chairman while we recruit a replacement."

Gormley, who took Naked Wines public through a merger with Majestic Wine, which was subsequently sold off, added: "I am sad to see Nick go, but his legacy remains ."

(c) 2023 City A.M., source Newspaper