British clothing retailer Superdry Plc has responded to speculation circulating in the press a few days ago. According to them, the company is said to have started looking for funds to repay a £70 million asset-backed loan to banks that was due in January.
Superdry is currently feeling the effects of hesitant consumption by consumers reacting to a sharp increase in the cost of living. For the year ended 30 April 2022, Superdry managed to post an adjusted pre-tax profit of £21.9m (around €25m), better than last year when the company posted a loss of £12.6m million pounds (around 14.3 million euros), but remains cautious about forecasts.
“In light of the current difficult conditions, we are managing the business prudently and focusing on achieving our strategic goals,” commented Superdry CEO Julian Dunkerton on the figures.
Negotiations continue
In a statement Monday, the company confirmed it was in negotiations with lender Bantry Bay Capital Limited: “Superdry Plc notes recent press speculation about the announced refinancing process and confirms that the company is in negotiations with Bantry Bay Capital Limited, the specialist lender, to replace the existing asset-backed credit facility of up to £70m.”
“There is no certainty that an agreement will materialize, nor the terms of any such agreement, and we remain in discussions with other lenders. A further announcement will be made in due course,” adds Superdry.