Superdry secures £25m funding
By Sarah Wood | 8th August 2023
Cheltenham-based fashion brand, Superdry, has secured up to £25m in funding.
The cash from restructuring specialist Hilco Capital will help fund its turnaround plan, as reported by Retail Gazette.
It comes on top of its existing £80m asset-backed loan with Bantry Bay Capital.
The Hilco agreement is for a 12-month term with the option to extend, at an interest rate of 10.5%.
The retailer said the extra cash would help speed up its turnaround plan and £35m cost reduction programme, which it announced earlier this year.
Superdry withdrew its "broadly break even" profit guidance in April, as it continued to experience disappointing sales.
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