Superdry secures new financing to help with turnaround plan
The Superdry fashion brand has secured a secondary lending facility to help accelerate its turnaround plan.
The company has agreed a facility of up to £25 million with restructuring and refinancing firm, Hilco Capital.
Superdry said the move will also help with the implementation of its cost reduction programme.
The facility with Hilco is for a twelve-month term with the option to extend and is at an interest rate of 10.5% plus the Bank of England base rate on the drawn element.
The agreement comes in addition to Superdry’s existing asset-backed lending facility with Bantry Bay Capital.
In April, Superdry withdrew its full-year profit guidance of ‘broadly breakeven’ after sales failed to meet expectations.
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