Fashion retailer Superdry has secured funding of up to £25m in its latest bid to “help accelerate” its turnaround plan and cost-reduction programme.
The new round of funding has been facilitated by Hilco Capital and aims to provide the company with “improved liquidity” amid its turnaround attempt.
The funding is in addition to Superdry’s existing asset-backed lending facility with Bantry Bay and the retailer said it will “help mitigate the headroom cap on this oustanding credit agreement”.
Superdry said in a statement that the partnership with Hilco is for a 12-month period with the option to extend.
It added that it must meet “a number of mutually agreed conditions subsequent to satisfy the terms of the agreement” as part of the deal.
The fashion retailer said the funding is at an interest rate of 10.5%, “plus the Bank of England base rate on the drawn element”.
The announcement comes after Superdry successfully completed an equity raise of £12m to pursue its turnaround programme in May this year.
Superdry also promoted former global sourcing and sustainability director Shaun Packe last month to become the retailer’s new chief operating officer amid a period of change for the business.
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