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Superdry founder exits takeover deal, secures lending facility extension

By Rachel Douglass


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Superdry storefront Credits: Superdry

Julian Dunkerton, the founder of Superdry, has said that he does not intend to make an offer for the struggling British retailer, ultimately bringing its offer period to a close.

Dunkerton, together with the company’s transaction committee, concluded that such an move was “unlikely to deliver an outcome for shareholders, or stakeholders more broadley” that they believed could be executed under the company’s ongoing turnaround plan and material cost saving options.

While the takeover deal may have come to a halt, the regulatory filing noted that both the company and Dunkerton remained in discussions regarding alternative structures, including “a possible equity raise fully underwritten” by Dunkerton, with the goal of providing additional liquidity headroom.

Interim CFO appointed

In addition to this, to aid in the ongoing review, the board has announced the appointment of Giles David as interim chief financial officer, a role that he will take up from April 1.

David had previously served in the chief financial officer position at the likes of McColl’s Retail Group, Casual Dining Group, Wiggle and United House, among others, yet started out his career at Marks & Spencer, where he was divisional finance director until 1999.

He succeeds Shaun Wills, who revealed his impending departure in January after Superdry reported a continued drop in sales in its half-year update weeks after it already issued a profit warning for the year.

Alongside these announcements, Superdry further revealed that it had secured an extension and increase to its secondary lending facility with Hilco Capital Limited, which it said in a separate filing would provide the company with “improved liquidity headroom” to help facilitate the implementation of its turnaround strategy.

As such, Hilco’s facility will be extended by six months to February 7, 2025, with an additional 10 million pounds available immediately and a further 10 million pounds to become available for the working capital peak between September and November.

This confirms speculation by media earlier in the month, and comes weeks after Dunkerton had announced the company’s intention to initiate a buyer exploration after the appointment of administrators assigned to oversee cost-saving options.

Executive Management