Superdry has agreed a refinancing facility with Bantry Bay Capital, backed by Elliot Advisers, which will ensure that the retailer can meet its obligations in January 2023 when a loan facility is due to expire.
The news had an immediate positive impact on Superdry’s share price which together with its trading update for the six-month period to 31st October, gave investors a welcome boost. The increase in Superdry’s revenues of 14.4 per cent year-on-year was largely attributed to the re-opening of its stores and demand had continued strongly, it says,for seasonal wear.
Founder and CEO Julian Dunkerton commented: “I’m pleased with the performance of the business over the half. It’s been well documented that conditions are extremely challenging which weren’t helped by the unseasonably warm weather in October and into November. However, by combining great products with affordable prices, we managed to grow sales in the first half.”