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Gloucestershire Business News

Superdry creditors back restructuring plan

Superdry creditors have voted overwhelmingly in favour of its restructuring plan, leaving only shareholders to rubber stamp the proposal.

In April, Punchline reported that Cheltenham-based Superdry launched a major restructuring plan in a last-ditch bid for survival.

The fashion retailer explored various cost-saving options including seeking rent reductions at 39 of its UK stores. It also involved cutting the business rates liabilities owed to local authorities.

Superdry also announced its intention to delist from the London Stock Exchange, which would allow it to benefit from significant cost savings associated with being listed and implement its turnaround plan away from the heightened exposure of public markets.

Some 99% of creditors by value have now backed the plan, which aims to stave off administration of the fashion retailer.

Teneo senior managing director Gavin Maher said: "Having 99% of those creditors that voted being in favour means that the plan company has achieved an important milestone in securing creditor support for the restructuring plan."

The plan, which does not include any store closures, is the latest throw of the dice by Superdry founder Julian Dunkerton after a possible take-private deal fell through earlier this year, Retail Gazette reported.

It will result in "material cash savings from rent and business rate compromises" over the three years of its restructuring plan.

Superdry said it was "grateful for the support shown" by its creditors.

"The board unanimously recommends that shareholders vote in favour of the resolutions," it added.

Superdry's shareholders will now vote on the equity raise and delisting at the general meeting in Cheltenham on Friday (June 14).

If the resolutions are passed, the High Court will be asked to sanction the restructuring plan at a hearing to commence on June 17.

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