Cheltenham-based Superdry has confirmed it is in talks about another multimillion pound loan.

The fashion retailer is in discussions with existing lender Hilco to borrow £10m for its ongoing turnaround plan and cost reduction programme, as reported by Retail Gazette.

It also wants another £10m to support seasonal working capital peaks, and a six-month extension to the maturity date of its facilities with Hilco to February 2025. Although Superdry said there is no certainty that the change will be agreed by the lender.

The proposed new loan is in addition to an existing £100m debt facility, the majority of which was from Bantry Bay.

It was reported yesterday that Superdry is working with restructuring specialists, Teneo, on a turnaround plan.

Julian Dunkerton, chief executive and founder, is also in discussions with investors about a potential take-private deal.

It was previously reported that the deadline for a take-private did was March 1, but Mr Dunkerton has until March 29 to submit an offer.