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Superdry reportedly seeking investment funds to repay bank debt

By Rachel Douglass

Nov 22, 2022

Business

The new Superdry showroom in Berlin. Photo: Superdry

Superdry is said to have set out seeking funds to repay banks on a loan that is due in January, as it begins to see an impact from the cost-of-living crisis hitting consumers.

According to a report by Bloomberg, the London-listed company has been looking into potential new investors to replace an asset-backed facility worth 70 million pounds.

The company told the publication that it was in “positive ongoing discussions with lenders”, however a spokesperson for Superdry did not elaborate further.

In its quarterly report published last month, Superdry’s directors had acknowledged that there was material uncertainty as they warned of potential difficulties ahead.

In the report, the company highlighted the importance of refinancing its Asset Backed Lending facility, which it noted was set to expire at the end of January 2023.

It added: “However, we continue to make good progress across our strategic pillars and we believe these initiatives will help to offset some of that potential risk.”

Superdry, which is known for its branded garments, is said to be working with PricewaterhouseCoopers as its financial adviser.

It joins a growing string of fashion brands that have been hit by the cost-of-living crisis.

Both Trouva-owner Made.com and British heritage brand Joules have filed for insolvency this month, citing supply chain challenges and declining consumer confidence as central causes.

SUPERDRY