The minimum investment is £500. The offer closes at the end of the month.

Naked Wines' business model is based on subscriptions from customers, or "angels", of £20 a month, which go to selected vineyards. In return, angels get wines at wholesale prices. The company has 120,000 subscribers and has so far backed 43 growers.

Verdict

Investors' capital is at risk and there is no access to the money during the life of the bond.

This types of bond are sometimes known as "mini-bonds". Unlike popular retail bonds issued by the likes of National Grid or Tesco Personal Finance, which are quoted on the London Stock Exchange, where they can be sold by investors if they need to get their cash, mini-bonds are not transferable.

This means that you have to hold them to redemption. Your capital is not protected by the depositors' safety net, the Financial Services Compensation Scheme, as the bonds are classed as risky investments