Naked Wines chief financial officer James Crawford is to exit the business, as the online wine retailer has confirmed a new credit line with PNC Bank.

The new five-year facility replaces its previous deal with Silicon Valley Bank and is due to give the company a £47m ($60m) boost.

Crawford is set to leave the business in autumn after a 10 year stint at Naked Wines.

Chairman Rowan Gormley said: “During [James’] tenure Naked has grown from annual revenues of £40m to £290m in the financial year 2024 and James’ leadership and expertise have played a valuable role in navigating that growth and the subsequent challenges.

It comes as Naked Wines appointed Rodrigo Maza as its new boss earlier this year as the business aims to overcome its challenges and restore its “full potential”..

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Maza said he was pleased to have agreed its new credit facility.

“The new facility proves the strength of the Naked’s balance sheet and business outlook while reinforcing our liquidity and ability to invest in bringing the best wines to our customers,” he said

“We look forward to working closely with PNC and continuing to support independent winemakers around the world.”