Struggling fashion retailer Superdry has secured a secondary lending facility of up to £25m as it looks to accelerate its turnaround plan and cost reduction programme.
The facility, secured from Hilco Capital, comes in addition to Superdry’s existing £80m lending facility with Bantry Bay.
Superdry said the new facility will help “mitigate the headroom gap” on its outstanding credit agreement.
The retailer’s agreement with Hilco is a 12-month term with the option to extend, and has an interest rate of 10.5% plus the Bank of England base rate.
In March, Superdry called in advisers after multiple profit warnings. For the first half of the 2023 financial year, Superdry recorded losses before tax of £13.6m. During this period, the retailer’s wholesale business saw sales decline by 5.2%.