Superdry secures £70m in extra funding
Superdry has agreed a £70 million extra funding deal with its banks to help it through the coronavirus crisis.
The new asset backed lending facility provided by HSBC and BNPP replaces the retailer’s existing facility, which was due to expire in January 2022.
Julian Dunkerton, Superdry chief executive, said: “The actions we have taken to date have greatly strengthened our cash position, which together with our new ABL Facility, give us the flexibility to execute our current plans and to secure our recovery.
“Together, we are making our way through this unprecedented period, and I’m confident we can reset the brand and deliver on our transformation plans.”
Superdry has also announced that first quarter trading was better than initially expected during the pandemic. Total group revenue for 13 weeks to 25 July was down 24.1% year-on-year, largely due to the impact of store closures during lockdown. Store revenue fell 58.1% in period, which was equivalent to a 32.3% drop in like-for-like sales.
Meanwhile, online sales performed well with an uplift of 93.2%.
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