Cheltenham-based Superdry's shares have been temporarily suspended by the Financial Conduct Authority (FCA).

The fashion retailer said today (August 30) that its annual results were not ready and that it had requested the suspension of its ordinary shares of 5 pence each in the interim, with effect from 7:30am.

In a statement on its website, Superdry said: "Under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules, the Company is required to publish its audited FY23 results by 29 August 2023. The Company is currently working with its auditor, RSM UK Audit LLP, to complete the final technical points of the audit of its FY23 results and expects to announce later this week. The Board confirms that the delay is a result of normal procedures taking longer than anticipated during the first year that RSM are auditing the Company."

It expects to publish the results by the end of the week, when it will also lift the suspension of the shares.

It has been a tough few months for Superdry. It withdrew its "broadly breakeven" full-year profit guidance in April, as it continued to experience lower than expected sales.

Earlier this month, the retailer secured up to £25m in funding from restructuring specialist Hilco Capital to help fund its turnaround plan. The agreement is for a 12-month term with the option to extend, at an interest rate of 10.5%.

Ian Sloan of Bankier Sloan Chartered Surveyors in the Cotswolds, said of the £25m loan: "At 10.5% interest rate, or £2,625,00 in the next 12 months, that is £218,750 per month or just over £7,100 per day in interest."

The funding from Hilco comes on top of its existing £80m asset-backed loan with Bantry Bay Capital.

In May, eight units belonging to Superdry on The Runnings in Cheltenham went on the market, with a total sale price of over £4 million.