Superdry which has been battling against challenging market conditions has reached agreement with its lender Bantry Bay for an extension to its lending facility.
In a statement, the retail business said: “Further to the company’s announcement on 14 April 2023, Superdry today announces the agreement of amendments to its financing facility, pursuant to which its lender, Bantry Bay, has agreed to increase the borrowing availability level under its asset-based facility until completion of the previously announced sale of the APAC business.
“The company currently has in place an asset-backed loan of up to £80m. The borrowing availability under the asset-based facility is determined by the company’s asset base, which is currently reduced on account of a seasonal low in the company’s working capital cycle, alongside the previously reported weaker performance of the wholesale division. As at close of business 24 April, the company’s net debt position is circa £26m.”