VWE

Vintage Wine Announces Forbearance Agreement Extension with Lenders

Retrieved on: 
Wednesday, April 3, 2024
Retail, Food, Beverage, Wine & Spirits, Security agreement, VWE, Exercise

Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”) today announced that the Company and its lender group have amended the forbearance agreement dated March x, 2024 to extend the forbearance period to May 15, 2024.

Key Points: 
  • Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”) today announced that the Company and its lender group have amended the forbearance agreement dated March x, 2024 to extend the forbearance period to May 15, 2024.
  • The lenders have also agreed to the deferral of the $10 million principal payment previously due at March 31, 2024 to May 15, 2024.
  • Kristina Johnston, Chief Financial Officer, commented, “We are continuing productive discussions with our lenders as we work to advance potential asset sales, the monetization of inventory and cost reductions.
  • The extension of the forbearance agreement provides additional time for further discussions with the lenders regarding an amended lending agreement as we execute on our plans.”
    Under the amended forbearance agreement, the lender group has agreed to not exercise any rights and remedies until May 15, 2024, so long as the Company complies with the terms of the forbearance agreement as amended and otherwise remains in compliance with the Second A&R Loan and Security Agreement.

Vintage Wine Estates Announces Appointment of Steven Strom to Board of Directors

Retrieved on: 
Wednesday, April 3, 2024
Retail, Food, Beverage, Wine & Spirits, Arizona State University, Vintage Wine, University, JPMorgan Chase, Investment banking, VWE, Wine, Committee on Finance, M&A, Chemical Bank, Jefferies, Global Media & Entertainment, Multimedia, Jefferies Group

Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”) today announced the appointment of Steven Strom to its Board of Directors, as of March 28, 2024.

Key Points: 
  • Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”) today announced the appointment of Steven Strom to its Board of Directors, as of March 28, 2024.
  • As an independent director, Mr. Strom will serve as the Chair of the Finance Committee, which also includes Robert L. Berner III, Mark Harms, Jon Moramarco and Patrick Roney.
  • View the full release here: https://www.businesswire.com/news/home/20240402236199/en/
    “We are excited to add Steven’s significant experience in completing challenging financings and financial restructurings to our Board.
  • “Steven is joining our Board at an opportune time as we accelerate our journey to simplify the VWE business model and focus on a sustainable core of Super Premium+ priority brands.

Vintage Wine Estates Reports Second Quarter Fiscal 2024 Results

Retrieved on: 
Tuesday, March 12, 2024
Retail, Wine & Spirits, Second, Ageing, Sale, News, Capital market, DTC, VWE, Wine, Security, Inventory, Marketing

Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S., today reported its financial results for the three and six months ended December 31, 2023 ("second quarter fiscal 2024").

Key Points: 
  • Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S., today reported its financial results for the three and six months ended December 31, 2023 ("second quarter fiscal 2024").
  • Second quarter fiscal 2024 adjusted EBITDA1 was $(28.8) million compared with adjusted EBITDA of $5.0 million in the prior-year period.
  • Cash from operations in the second quarter was $11.9 million reflecting inventory reductions, aggressive efforts to collect receivables and carefully managing payables.
  • As previously disclosed, the Second A&R Loan and Security Agreement currently has principal amounts outstanding of $324.3 million at February 29, 2024.

Vintage Wine Estates Provides Update on Asset Sales as Company Progresses Towards Streamlined Business Model and Announces Forbearance Agreement with Lenders

Retrieved on: 
Tuesday, March 5, 2024
Retail, Food, Beverage, Wine & Spirits, Wine, VWE, Second, Sale, Disclosure, Oppenheimer Holdings, Security, DTC, Security (finance)

We are actively executing against our planned roadmap to engage potential acquirers for our stand-alone DTC and certain production services businesses, in addition to other assets.

Key Points: 
  • We are actively executing against our planned roadmap to engage potential acquirers for our stand-alone DTC and certain production services businesses, in addition to other assets.
  • The Company believes it is well positioned to close certain of these transactions over the next few months.
  • The Second A&R Loan and Security Agreement currently has principal amounts outstanding of $324.3 million as of February 29, 2024.
  • The forbearance agreement provides flexibility for the Company to continue executing the previously announced restructuring and transformation while working with its lenders on an amended credit agreement.

Vintage Wine Estates Receives Notification from Nasdaq Related to Delayed Quarterly Report on Form 10-Q

Retrieved on: 
Tuesday, February 27, 2024
Food, Beverage, Agriculture, Natural Resources, Wine & Spirits, Retail, Letter, VWE

Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S., today announced that it received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) on February 21, 2024, indicating that, because the Company has not filed its Quarterly Report on Form 10-Q for the period ended December 31, 2023 (the “Form 10-Q”) within the prescribed time period, the Company is not in compliance with the timely filing requirement for continued listing under Nasdaq Listing Rule 5250(c)(1).

Key Points: 
  • Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S., today announced that it received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) on February 21, 2024, indicating that, because the Company has not filed its Quarterly Report on Form 10-Q for the period ended December 31, 2023 (the “Form 10-Q”) within the prescribed time period, the Company is not in compliance with the timely filing requirement for continued listing under Nasdaq Listing Rule 5250(c)(1).
  • The Nasdaq notification letter has no immediate effect on the listing or trading of the Company’s common stock.
  • While the notice provides the Company the opportunity to submit a plan to regain compliance with Nasdaq Listing Rule 5250(c)(1) within 60 days, VWE currently expects to be in compliance with the listing qualification in that timeframe.

FOUNDER AND MANAGING PARTNER TERRY WHEATLEY AND PARTNERS ANNOUNCE THE LAUNCH OF CONNECT THE DOTS COLLECTIVE

Retrieved on: 
Thursday, March 7, 2024
Social media, Wine, New product development, Marketing, Cotton Candy grapes, VWE, Female, IA Financial Group, Digital, MBA, WINE, House, Ecosystem, Creativity, GAP, Knowledge, Heart, DTC, Online shopping

HUGHSON, Calif., March 7, 2024 /PRNewswire/ -- Terry Wheatley, former President of Vintage Wine Estates, has partnered with notable business leaders Jessica Kogan, Jenna Duran, and Stephanie Mayer to form Connect the Dots Collective. The company launched today with the mission to provide innovative services and expertise to consumer lifestyle brands in the alcohol, non-alcohol, functional and alternative beverage spaces.

Key Points: 
  • Through innovation and expertise in branding, marketing, sales, public relations and digital and ecommerce, Connect the Dots Collective is a full-service female-led branding agency that takes brands quickly from concept to shelf.
  • "I am thrilled to bring together some of the most talented players in the beverage industry," explains Wheatley.
  • Jenna Duran brings deep brand development, marketing and sales expertise, and Stephanie Mayer is curator of design and concept visionary.
  • Her expertise is inspiring connection as an architect of brand identities, curator of ideas and innovator of products and experiences.

Vintage Wine Estates Restructures Organization, Initiates Cost Cuts and Simplifies Business Model

Retrieved on: 
Wednesday, January 17, 2024
Food, Beverage, Agriculture, Natural Resources, Wine & Spirits, Retail, Layer cake, Super, Wind, Cherry pie, DTC, B2B, Investment, Wine, Ace Cider, Workforce, Marketing, VWE, Oppenheimer Holdings, Sales

As a result, the Company will be reducing its workforce by approximately 15% for expected annualized savings of $7.1 million.

Key Points: 
  • As a result, the Company will be reducing its workforce by approximately 15% for expected annualized savings of $7.1 million.
  • Seth Kaufman, President and Chief Executive Officer, commented “The complexity of our business has resulted in a disproportionately high-cost base.
  • To drive margin improvement and generate cash we need to simplify beyond our product offerings and fundamentally reconstruct our business model.
  • Getting from here to there starts by recognizing where our strengths lie and identifying the areas of the business in which we shouldn’t operate.

Vintage Wine Estates Names Ryan Watson as Chief Marketing Officer

Retrieved on: 
Thursday, January 4, 2024
Food, Beverage, Marketing, Wine & Spirits, Retail, Communications, Goldman Sachs, Kraft Heinz, Boston Consulting Group, Princeton University, Multimedia, Partner, Acquisition, CMO, Amazon, Consumer, VWE, AI, BCG, Knowledge, DTC, B2C, Growth, Business analyst, CFA, Sales

Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S., today announced the appointment of Ryan Watson as Chief Marketing Officer (“CMO”).

Key Points: 
  • Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S., today announced the appointment of Ryan Watson as Chief Marketing Officer (“CMO”).
  • Mr. Watson joins VWE with nearly 20 years’ experience in global, data-driven, consumer-oriented marketing and transformational strategies in both B2B and B2C verticals across a variety of industries.
  • Seth Kaufman, President and Chief Executive Officer, commented, “We are thrilled to welcome Ryan to our executive team to lead our efforts in creating a consumer-focused enterprise that can deliver sustainable growth.
  • Prior to BCG, Mr. Watson had a unique career path spanning Amazon, Kraft Heinz, Tesco, and two high-growth consumer companies.

Vintage Wine Estates Names Farzana Shubarna as Vice President of Operations

Retrieved on: 
Tuesday, November 21, 2023
Food, Beverage, Agriculture, Natural Resources, Wine & Spirits, Retail, Hindi, International Flavors & Fragrances, Bachelor of Engineering, Wine, Logistics, Unilever, Chemical engineering, Certification, Wine Cellars, Stevens Institute of Technology, VWE, Engineering, Treasury Wine Estates, Rutgers University, Ace Cider, Center of excellence, Farzaneh, Management, Operation

Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S. with an industry leading direct-to-consumer platform, today announced the appointment of Farzana Shubarna in the newly created role of Vice President of Operations.

Key Points: 
  • Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S. with an industry leading direct-to-consumer platform, today announced the appointment of Farzana Shubarna in the newly created role of Vice President of Operations.
  • Ms. Shubarna brings extensive international experience driving value creation from her strategic leadership roles in manufacturing, warehousing, sustainability programs and end-to-end supply chain operations for the fast-moving consumer goods and nutrition industries.
  • “VWE is strategically looking for the highest level of talent in the marketplace today,” said Zach Long, Chief Operations Officer, Vintage Wine Estates.
  • “We believe we can fully leverage the expertise that Farzana is able to bring to our Company with her differentiated experience to drive increased efficiencies and best-in-class practices.”
    “I am thrilled to join the Vintage Wine Estates team,” Ms. Shubarna said.

Vintage Wine Estates Reports First Quarter Fiscal 2024 Results

Retrieved on: 
Tuesday, November 14, 2023
Retail, Food, Beverage, Wine & Spirits, Sale, EBITDA, ID, DTC, ACE, Cherry pie, Wholesaling, Stock, Workforce, Investment, House, Marketing, Capital, Weakness, Capital expenditure, VWE, Security, Treasury Wine Estates, Growth, News, Ace Cider, Pharmaceutical industry, Financial adviser, Kunde, Larix laricina

Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S. with an industry leading direct-to-consumer platform, today reported its financial results for the first three months of fiscal 2024 ended September 30, 2023 ("first quarter fiscal 2024").

Key Points: 
  • Vintage Wine Estates, Inc. (Nasdaq: VWE and VWEWW) (“VWE” or the “Company”), one of the top wine producers in the U.S. with an industry leading direct-to-consumer platform, today reported its financial results for the first three months of fiscal 2024 ended September 30, 2023 ("first quarter fiscal 2024").
  • Given that I have only just begun these efforts, we are withdrawing previously provided guidance for fiscal 2024.
  • As a percent of sales, SG&A in the first quarter of fiscal 2024 declined to 39% compared with 40% in the prior-year period.
  • Capital expenditures for fiscal 2024 are expected to be approximately $8 million to $10 million.