Superdry co-founder Julian Dunkerton’s buyout deadline extended

Dunkerton was understood to be in talks with potential partners to buy back the struggling fashion brand and was previously given the deadline of March 1 to announce his intention either way. 

However, as talks with financing partners continue, Dunkerton has had a request for an extension granted by the takeover panel, which will give him until 5pm on March 29 to make the call. 

Dunkerton is understood to own less than 30% of the shares since rejoining the business in 2019 and the retailer told markets last month that he was “exploring the possibility of making an offer for the company” and was in talks with potential financing partners to buy up the shares he does not already own. 

The retailer said in a statement: “Discussions with Julian Dunkerton and potential sponsors regarding a possible offer for the company remain ongoing alongside the company’s continued work on its turnaround plan, including its exploration of various material cost-saving options, which is expected to be an important element of any such offer. In accordance with rule 2.6(c) of the [takeover] code, the company has requested, and the takeover panel has consented to, an extension of the relevant deadline to 5pm on March 29, 2024.

“By this time, Julian Dunkerton must either announce a firm intention to make an offer for Superdry in accordance with rule 2.7 of the code or announce that he does not intend to make an offer for Superdry.

“There can be no certainty that any offer for Superdry will be made.”