Perks per Share

Unlisted bonds

Naked Wines

Fine Wine Bond

Closed
What bondholders got 10% a year in wine credits Retail bond

Naked Wines sells wine online and was founded in 2008, during the financial crisis. Majestic Wine bought it in 2015, sold its own shops in 2019 and renamed itself Naked Wines plc, which trades on AIM as WINE.

Closed to new lendersApplications for the original Fine Wine Bond are closed. The 2025 accounts report customer-funded bonds but do not identify them as Fine Wine Bonds, so they do not establish how much of this issue remained outstanding.

What bondholders got

Bond issuer: Naked Fine Wine Bonds plc.

The Fine Wine Bond paid lenders 10% a year before tax in wine credits to spend at Naked Wines, or 7% in cash.

Angels and shareholders

The Fine Wine Bond was a loan. Naked Wines Angels pay into customer accounts to spend on wine. Being an Angel or owning shares did not earn the bond’s interest.

The former Majestic shareholder gift

Before it became Naked Wines plc, Majestic Wine plc sent its shareholders a Champagne voucher in 2019. That voucher was a separate shareholder gift, and neither it nor the Fine Wine Bond establishes a reward for today’s Naked Wines shareholders.

History

  1. The later accounts leave a gap

    Naked Wines’ 2025 accounts show £35,000 of customer-funded bonds. They do not say whether these are Fine Wine Bonds. The same report lists Naked Fine Wine Bonds plc as dormant.

  2. Some bonds repaid, others retained

    Majestic Wine repaid £2.4 million of the Fine Wine Bond in its 2017 financial year. It kept a proportion that paid wine credits into investors’ Angel accounts, saying those customers shopped more and justified the higher interest cost.

  3. Fine Wine Bond launched

    Harpers reported that Naked Wines launched its bond offer on 2 September 2013.