Naked Wines may close angel funding to avoid wine shortage

06/10/2014 | Drinks Business online (U.K.), The

Naked Wines may temporarily close its angel funding arm to new members, as an influx of 500 investors a day threatens to result in a wine shortage, says U.K. Managing Director Eamon Fitzgerald. The company's 220,000 members, hailing from the U.K., Australia and the U.S., invest approximately $30 per month in a wine producer and are then able to purchase the wines at wholesale prices. "We are absolutely not prepared to compromise on the quality of our wines or of our service to existing angels, so closing the door on new business sounds crazy, but actually feels like the most sensible thing to do," Fitzgerald said.

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