Superdry holds 'positive' talks with investors over equity raise

Retailer Superdry has said it is holding “positive” talks with investors over an equity raise of up to 20 per cent as it looks to shore up its balance sheet in the face of tough trading.
By Greg Wright
Published 2nd May 2023, 11:56 BST

The chain said founder and chief executive Julian Dunkerton plans to “significantly” take part in the equity raise and offer a “material underwriting commitment”. It comes after it was reported at the end of last week that it was in advanced talks over a £15m share sale to bolster its finances. The move marks its latest efforts to raise cash after it last month unveiled a deal to sell its intellectual property assets in Asia-Pacific to raise £34m.

Superdry is also slashing costs, recently announcing aims to save more than £35m, amid sales woes. Earlier this month, it warned over profits for the second time this year after it admitted sales in February and March were disappointing.

Cost-of-living pressures had impacted consumer spending and visits to shops, while poor weather weakened demand for its new spring and summer collection, Superdry told investors at the time.