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Superdry set to refinance with £70m deal

Tom Shearsmith
28 November 2022

Superdry is set to refinance its existing lending facility with a £70 million deal from a fund backed by US activist investors Elliott Advisors.

Speculation about the deal first was first reported by The Sunday Times, claiming that the business is aiming to secure an asset-backed lending (ABL) facility from Bantry Bay Capital before the expiration of its existing £70 million facility in January 2023.

Founded in 2013, Bantry Bay Capital is backed by activist investment management company Elliott Advisors. Last year, Bantry Bay Capital established a joint venture partnership with funds advised by Elliott Advisors and its affiliates.

Talks with Bantry Bay are understood to be at an advanced stage with Superdry hopeful that a deal could be agreed as early as this week, City sources told The Telgraph.

In a statement, Superdry confirmed the discussions, commenting: "Superdry plc acknowledges recent press speculation about its previously announced refinancing process and confirms that it is in negotiations with Bantry Bay Capital Limited, the specialist lending provider, to replace the existing up to £70m asset-backed lending facility.

"There can be no certainty that an agreement will be reached, nor as to the terms of any such agreement and we remain in discussions with other lenders. A further announcement will be made as and when appropriate."

Superdry currently operates 740 stores across 61 countries and employs over 2,500 people in the UK and Ireland. In a quarterly report published last month, Superdry’s directors acknowledged that there was material uncertainty over the company’s ability to continue as a going concern until the funding was secured.

Superdry returned to profitability and reported an increase in revenues for its full year results, ending 30 April 2022. The fashion brand revealed an adjusted profit before tax of £21.9 million, compared to a loss of £12.6 million in FY21.

Superdry was among the first wave of an array of British and international brands shoppers can now find inside Battersea Power Station’s Turbine Halls. The London Landmark opened its doors to the public for the first time in history on 14 October 2022.

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