Tillkännagivande • May 22
Superdry Reportedly Plots Emergency Sale Process If Creditors Block Rescue Plan Superdry plc (LSE:SDRY) is preparing to run an emergency four-week sale process if creditors block its Founder's plans to inject up to £10 million of his own money into the fashion chain in a bid to stave off insolvency. Sky News has learnt that the accelerated M&A process would be launched if a restructuring plan is not approved by creditors in the coming weeks. Under the proposed survival plan, Julian Dunkerton would stump up either £8 million in an open offer available to other shareholders or £10 million in a placing that would only be accessible to him. The share sale would precede Superdry's delisting from the London Stock Exchange. The restructuring plan would need to be approved by creditors, including landlords, in the coming weeks. According to a document circulated to creditors in recent days and seen by Sky News, rejection of the restructuring plan would be followed by a four-week sale process for Superdry, with the likely outcome of a pre-pack administration deal. Sources said that Mr. Dunkerton's willingness to inject such a substantial chunk of his own fortune into the company reflected his confidence in the company's turnaround prospects. Superdry's shares have slumped to a series of record lows in recent months amid dire trading and a failed sale process. Last month, Sky News revealed that M&G plc (LSE:MNG), the asset manager which owns Superdry's store in central London, was weighing a challenge to its rescue plan. M&G is believed to have been alarmed by the absence of their participation in a mechanism to allow creditors to benefit from any future recovery in the retailer's performance. The restructuring plan will not entail immediate shop closures but will impose sizeable rent cuts on landlords of dozens of Superdry outlets. Sources said the firm is also planning to pull out of a number of overseas markets, including the US. On May 21, 2024 morning, shares in the company were trading at around 6.7 pence, giving the indebted company a market capitalisation of less than £7 million. It recently agreed an increased borrowing capacity with Hilco Capital Limited, one of its existing lenders, while it also owes tens of millions of pounds to Bantry Bay. Mr. Dunkerton, who in 2019 returned to the company having previously been ousted, owns just under 30% of the shares. In recent months, Superdry has raised cash by offloading its brand in regions including India and Asia-Pacific. Superdry declined to comment. Tillkännagivande • Apr 17
Superdry plc Announces Intention to Delist from the London Stock Exchange Superdry plc previously announced that it has been exploring various material cost saving options as part of a broader turnaround plan that positions the Company for long-term success. On 16 April 2024, in support of that objective, the Company announced that C-Retail Limited (the “Plan Company”), a wholly-owned subsidiary of the Company which owns the leasehold portfolio of the Superdry group (the “Group”) from which its UK store retail business trades, is launching a restructuring plan pursuant to Part 26A of the Companies Act 2006, which will principally involve a restructuring of its UK property estate and retail cost base (the “Restructuring Plan”). The Restructuring Plan is a key element of the Company’s turnaround plan that is intended to help the Company deliver its new, more financially sustainable, target operating model. In order to support the Company’s transition to this new target operating model over the coming years, Superdry is also announcing an equity raise that will provide necessary liquidity headroom (the “Equity Raise”), as well as its intention to delist from the London Stock Exchange (the “Delisting”), which will allow the Company to benefit from significant cost savings associated with being listed and implement its turnaround plan away from the heightened exposure of public markets. The Equity Raise is fully supported and underwritten by Julian Dunkerton, Superdry’s CEO and Co-Founder. Given the material changes to the Company’s business envisioned under the new target operating model, the Company considers it best to implement these changes away from the heightened exposure of public markets. In addition, the Company believes it can achieve significant annual cost savings from the Delisting that will contribute to delivering its target operating model. As a result, subject to shareholder approval at the General Meeting, the Company intends to make the relevant applications to effect the cancellation of the listing of its shares on the Official List maintained by the Financial Conduct Authority (“FCA”) and their trading on the London Stock Exchange’s Main Market for listed securities. The Company intends to explore the implementation of a matched bargain facility with a third party matched bargain facility provider in the event the Company is delisted. This will facilitate shareholders buying and selling shares on a matched bargain basis following the Delisting. Delisting is expected in July 2024. Tillkännagivande • Mar 18
Superdry plc(LSE:SDRY) dropped from FTSE All-Share Index (GBP) Superdry plc(LSE:SDRY) dropped from FTSE All-Share Index (GBP) Tillkännagivande • Feb 20
Superdry's Founder Reportedly in Talks with Julian Dunkerton About an Offer to Take the Fashion Retailer Private A prominent US investor is among the parties being courted by Superdry plc (LSE:SDRY)’s Founder as he assembles an offer to take the struggling fashion chain private. Sky News has learnt that Davidson Kempner, which has backed a number of UK retailers, is in discussions with Julian Dunkerton about backing an offer for Superdry. The talks are at a preliminary stage and there is no guarantee that Davidson Kempner will ultimately sign an agreement with Mr. Dunkerton. Their discussions add the US investor, which has backed Jojo Maman Bebe and Oak Furnitureland, and previously held a slug of debt in New Look, to a list of firms examining Mr. Dunkerton's proposals. Others include Retail Realisation (Retail Realisation LLP), a firm backed by the founder of turnaround investor Rcapital. Earlier this month, it emerged that Mr. Dunkerton wanted to buy the majority stake in Superdry that he does not already own, even as the company draws up plans to close stores and cut jobs. Mr. Dunkerton, who in 2019 returned to the company having previously been ousted, owns just under 30% of the shares. On 19 February 2024, shares in the retailer closed at 33.65 pence, giving it a market capitalisation of less than £35 million. The company also has more than £100 million of borrowings, after securing funding from Bantry Bay Capital and Hilco. In recent months, Superdry has raised cash by offloading its brand in regions including India and Asia-Pacific. Late last year, its shares sank to a record low after it blamed abnormally mild autumn weather for weak sales. After a trading update last month, the shares crashed to a record low. "The consumer retail market remains challenging and unpredictable, and sales performance has not been helped by the extreme weather events of the summer being followed by one of the warmest autumn seasons on record, which persisted through the peak Christmas trading period," Superdry said in that statement. Davidson Kempner, Superdry and Mr. Dunkerton declined to comment. Tillkännagivande • Feb 02
Superdry Gets Takeover Approach from CEO Shares in struggling U.K. fashion brand Superdry plc (LSE:SDRY) doubled in early trading following rumors that founder Julian Dunkerton plans to take the fashion label private and with potential investors circling. A new investor, Norwegian alternative investment fund First Seagull, has built a stake in Superdry of over 5.3%, leading to takeover discussions around the ailing business intensifying. It is thought that the investor views the fashion retailer to be ripe for a bid following various profit warnings over the last year, which has seen the share price fall by nearly 90% over the past 12 months. The acquisitive U.S. fashion group Authentic Brands Group and Sycamore Partners are also thought to have the apparel company on their radar. Superdry is believed to have cancelled a meeting with investors this week, further fueling speculation of a possible bid or move to take the business private. The business has been working with advisors at consultancy PwC to explore options such as a company voluntary arrangement (CVA), broadly the U.K. equivalent of Chapter 11, or other forms of restructuring, under a move that could lead to extensive job cuts and the shuttering of stores. However, Superdry has struggled in recent years, and has gone through a turbulent time after Dunkerton was first ousted and then forced his way back to the helm of the business in 2019 following a boardroom coup. Central to Superdry's problems has been retaining its quirky cool as it expanded rapidly and became ubiquitous. Last month Superdry Dunkerton conceded that the retailer was facing a “difficult period” as it posted widening losses and revealed CFO Shaun Wills would leave at the end of March after three years in post, with the retailer citing a challenging retail market, unseasonably warm weather and the under-performance of its wholesale segment. Superdry said that it had seen some “more encouraging trends” during the recent cold snap in Europe, with sales falling at a slower rate of 13.7% in the 12 weeks to Jan. 20 after the retailer recently flagged that the weak sales will result in “lower than expected” full-year profits, despite taking several initiatives across 2023 to strengthen its balance sheet. “Whilst, to some extent, this was expected due to the decision to exit our U.S. operations and the sale of the brand rights in non-core territories, the segment continues to prove challenging,” Dunkerton said. 