Superdry secures 80 million pound loan facility before deadline

Superdry has reportedly secured a new 80 million pound loan facility ahead of its January deadline.

It comes after the retailer warned that it was moving into “extremely challenging” trading conditions in the lead up to Christmas.

In October, the company stated in its financial report there was “a material uncertainty”, but continued to affirm it was making good progress in its discussions for a loan facility.

Now, it appears that its efforts have paid off.

According to the Guardian, Superdry has said it agreed to the new loan including a 30 million pound three-year deal with specialist lender Bantry Bay Capital, a firm backed by the hedge fund Elliott Advisers.

It noted that it would have to pay a much higher interest rate on its 70 million pound facility, which was set to expire in late January 2023.

Following the news, the publication said shares in the company jumped more than 15 percent.

Speaking to the media outlet, founder and chief executive of Superdry, Julian Dunkerton, said the company was “very pleased” to have completed the refinancing, which meant the business was “in good shape” as it moves through the Christmas trading period.