Superdry founder in talks to take company private
Superdry’s founder and chief executive, Julian Dunkerton, is in talks to take the company private.
According to Sky News, Dunkerton has held initial discussions with Rcapital and Gordon Brothers, the owner of Laura Ashley, about helping finance an offer for the fashion retailer. Both firms specialise in investments in financially challenged businesses. The talks are reportedly not at an advanced stage.
The news of the two companies’ involvement follows an announcement by Superdry on Friday which said: “The chairman of Superdry previously received a request from Julian Dunkerton, chief executive officer, for permission to begin exploring the possibility of making an offer for the company and to commence discussions with potential sources of finance.
“Julian Dunkerton has since confirmed to the transaction committee that he is engaged in discussions with potential financing partners for the purposes of considering options in respect of the company, which may include a possible cash offer for the entire issued and to be issued share capital of the company, not already owned by him.
“These discussions are at a preliminary stage and no decisions have been made.”
In January, Superdry announced that its group revenue declined by 23.5% year-on-year to £219.8 million in the 26 weeks to 28 October. It attributed the performance to a challenging consumer retail market, unseasonal weather, and the underperformance of its wholesale division.