The financial problems at Cosentino Signature Wines have led to a key executive leaving the company.

Neville Calvert, who was the executive director in charge of business development at Cosentino, has left the wine group after it decided to focus its energies on tackling lean sales and rising debts.

Cosentino CEO Keith Smith said: "With the necessary suspension of the company's M&A strategy Neville's role as an executive director responsible for development activity has become redundant."

In November, the Californian wine producer warned that sales to wholesalers had failed to meet expectations and that debts had risen to US$22.5m.