Superdry boss considering sale
Julian Dunkerton, Superdry founder, is reportedly considering selling the company after shares dropped by 60% this year.
Dunkerton currently owns 23.9% of the business and has recently held talks with private equity firms regarding a potential deal, according to The Times.
However, a source has said that there were no active talks on a private deal and no advisors have been appointed for a potential sale.
The news comes after Superdry announced a £70m refinancing deal, backed by US hedge fund Elliot Advisors, to repay its debts due in 2023.
The retailer used to be one of the most popular high street brands but lost a large percentage of their customer base due to increased online competition.
Directors admitted doubts over the company’s ability to continue without secured funding in last month’s quarterly report.
The company is concerned over the challenges ahead with rising inflation affecting consumer spending and expects adjusted profits before tax to drop to between £10m and £20m in FY23.