Naked Wines tumbled on Wednesday as it said it was reviewing operational and financial plans for the next 18 months.
The online wine retailer said it will provide an update on the plans alongside a trading statement due on the week commencing 17 October.
“The group’s focus is on developing plans demonstrating increased profitability, cost restraint and improved payback,” it said in a brief statement.
“Alongside this process we are in active discussions to address our credit facility to reflect any revised plan.”
Naked Wines said it remains in compliance with all obligations around this facility through the first quarter and expects to have headroom to the Q2 covenant tests.
At 0915 BST, the shares were down 30% at 101.20p.
