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.