Naked Wines sets sights on American investors with increased US market access

Naked Wines has revealed that from Monday USinvestors will have more access to buy into the group, as the doorstep delivery firm continues to pursue the $20 billion US wine market.

The AIM-listed online merchant said trading in its ordinary shares is to begin on the OTCQX Best Market in the US, under the ticker NWINF.

North America is now largest market. It has a higher margin, and represents nearly half of total sales. US revenues were up nearly 80% on the prior year to £161.7 million in the year to April. Group sales were up 68% to £340 million.

The firm said it will make it easier for Americans to trade in its shares, and called the move an "important step".

CEO Nick Devlin told the Standard last month that the US is his "number one priority” and that he is confident the business will be able to hang on to many of its lockdown-era subscribers going forward.

Today he said: "Trading on OTCQX will provide US institutional and retail investors, and our colleagues, the opportunity to share our growth as we build on a breakthrough year for Naked Wines, following an unprecedented channel shift to online, accelerated by the COVID-19 pandemic."

This listing is not a capital raise, and Naked will continue to trade on the London Stock Exchange. Shares were down 2.5%, or 20p, to 804p, this morning.

It came as Parsley Box, the recently-floated ready meals provider for the over-60s, reported sales up nearly 26% in the six months to July, with repeat order numbers up.

But the company warned that Covid restrictions easing has "had some impact on sales growth", and shares were down at 139p this morning - nearly 18% down on the price at which they joined the market.

The company, launched in 2017 by husband-and-wife founders Gordon and Adrienne MacAulay, floated on AIM in March at 200p a listing that valued the company at around £83.8 million. Analysts have slashed earnings forecasts.