Superdry has secured fresh funding as it battles to turn itself around.
Restructuring and refinancing specialist Silco will lend £25million to the fashion chain, a spokesman said yesterday.
The funding deal will provide the London-listed business with ‘improved liquidity to help accelerate the implementation of the turnaround plan and cost reduction programme’.
Turnaround plan: London-listed fashion chain Superdry has secured a new funding deal with restructuring and refinancing specialist Silco
Any cash drawn will have to be repaid with interest of 10.5 per cent plus the Bank of England’s base rate, which stands at 5.25 per cent.
Superdry – co-founded by Julian Dunkerton and James Holder – already has a borrowing agreement with a London-based specialist lender.
Bantry Bay Capital agreed to increase its £80million loan in April while the clothing company sells its Asia-Pacific business.
Superdry’s share price plunged 7.2 per cent, or 5.4p, to 69.4p yesterday.
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