Superdry boss Julian Dunkerton has dismissed rumours he is seeking deals to take the brand private.
The leisurewear co-founder has confirmed in a statement to investors that, despite stories circulating in the press suggesting he intended to pursue a private equity deal, he had “no plans to do this at the moment”.
According to The Sunday Times in December, Dunkerton had reportedly been looking at a deal that would roll his 21.7% stake in the business into a private vehicle.
The report claimed that a source close to the retailer said Dunkerton was cautious of agreeing any deal that would increase Superdry’s debt at a time when inflation is soaring and the economy is so turbulent.
However, the source also noted there were no active talks on a take-private deal and no advisers had been appointed.
The report came as the London-listed retailer’s shares plummeted 60% in the year to date to a near-record low, valuing the business at £86m.
Last week, Superdry reported a fall in first-half profits. Even though its Christmas performance had strengthened, it also cut full-year expectations to breakeven.
Superdry attributed an interim adjusted pre-tax loss of £13.6m – up from a loss of £2.8m in the comparable period of the previous year – primarily to a drop in wholesale alongside a return to normal rents and rates post-Covid.
Group revenue rose 3.6% to £282.2m in the first half to October 29, 2022. Over the nine-week Christmas period to December 31, group sales rose 4.5%.
- Get the latest fashion news and analysis straight to your inbox – sign up for our weekly newsletter
No comments yet