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Vinomofo considers ASX float amid changes at the top

Business

Co-founder of wine retailer Vinomofo, Justin Dry, has announced he will step down from the helm as the business considers whether to float on the stock exchange.

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Dry has been replaced by chairman Paul Edginton as CEO and moved into a newly-created role of chief entrepreneur.

In a statement, the online retailer said the change of leadership would “build business capability, increase executional focus and strengthen governance”.

“Justin will focus on the emerging growth areas of the business including VinoDirect, developing new business model and driving innovation to support Vinomofo’s long term trajectory,” it said.

Vinomofo has reportedly engaged KPMG to explore a stock exchange float and is meeting with banks and brokers to find a lead manager, in preparation for a potential IPO, with the process expected to be complete before the new financial year.

A spokesperson for the startup declined to comment on the potential valuation.

Dry founded Vinomofo with business partner Andre Eikmeier in an Adelaide garage in 2011. The company has since been headquartered in Victoria.

Dry said in the past decade the business had grown from a startup to “the leading pure play online wine retailer in the country”.

“I’m delighted that Paul has agreed to take on the role of CEO. With over 20 years’ experience as a chief executive, he is the perfect replacement to take over the running of the day-to-day operations.

“He has a deep understanding of the business, having been a part of the ‘mofo tribe since the very beginning and has been a mentor and personal friend of mine for just as long.”

Vinomofo also today announced the appointment of two non-executive directors to its board – former Internode CEO Patrick Tapper and property professional Giselle Collins.

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