Superdry confirms £70m refinancing loan talks

The fashion retailer, which is being advised by PwC, has confirmed it is in talks with Bantry Bay to shore up its balance sheet with a refinancing loan. 

“Superdry plc acknowledges recent press speculation about its previously announced refinancing process and confirms that it is in negotiations with Bantry Bay Capital Limited, the specialist lending provider, to replace the existing up to £70m asset-backed lending facility,” the company wrote in a statement this morning.

The retailer did not provide details on the terms of any agreement, and said there was “no certainty that an agreement will be reached”. It remains in discussions with other lenders 

Superdry has been seeking a new credit facility to replace its existing £70m facility when it expires at the end of January. 

The retailer issued a going concern warning last month amid uncertainty surrounding the refinancing of the existing asset-back lending facility, which is currently provided by HSBC and BNP Paribas. 

Since the return of founder Julian Dunkerton as chief executive, the casualwear brand’s turnaround has been progressing steadily, and it made a return to black during the year to April 30, posting a statutory pre-tax profit of £17.9m compared with a £36.7m loss the previous year.

• Never miss a story – sign up to Retail Week’s breaking news alerts