Virgin Wines announces new CFO

Chief executive officer Jay Wright, thanks Weir for his "enormous" contribution to the Group and wished him well in his retirement.

"He has played a vital role in the Group’s significant progress and growth over the last 22 years," he said. This has included leading a private equity-backed buyout in 2013 and its initial public offering (IPO) launch on the stock exchange in 2021. Graeme formally leaves the Board with effect from .

Wright added that "It has been a privilege to work with him over that period and he will be missed by the whole Virgin Wines team. However, I look forward to progressing the next stage of our growth with Amanda, who is well embedded in the business, and welcome her to the Board."

Weir said he remained fully committed to supporting the business and completing a smooth transition to Cherry, who he said knew the business well and would provide continuity "but also a fresh impetus into Virgin Wines’ future growth plans". The company celebrated a “highly encouraging performance” over the Christmas period, including a 25% jump in the number of customers during December, and sales up 9% compared to the previous year – the highest level since the pandemic. It also noted “further operational efficiencies and a healthy balance sheet” which it said signalled positive momentum. Overall, its first half revenues were £34.1 million (very slightly down on the same period the year before) with profit before tax up 20% year-on-year to £1.3m, boosted by its new Warehouse Wines proposition – which sells wines for under £10 wines.  There was also growth in its commercial channel with revenues up 17%, boosted by a strategic partnership with Ocado, which was launched in October.