Superdry - Case Update

Beloved fashion retailer Superdry has managed to avoid insolvency, securing sanction of its restructuring plan and capital raise.

The three-year restructuring plan contemplates rent reductions at 39 of the company’s 94 UK stores, a £10m equity raise underwritten by CEO Julian Dunkerton, and delisting from the stock market.

The plan meetings were held on 10 June and received the support of 99% of the plan creditors which attended and voted. The restructuring plan was then sanctioned by the Court following the sanction hearing held on 17 June.

George Sellar, Michael Nicholson, Andrew Clark and Edward Lowe of Peel Hunt are financial advisers to Superdry, while Gavin Maher and Jonathan Lees of Teneo are financial advisers to C-Retail Limited (the plan company), a subsidiary which owns Superdry’s leasehold portfolio. Superdry was also assisted by a team of legal advisers from Macfarlanes including Harry Coghill, Paul Keddie, Mark Slade, Simon Beale and Tim Bromley-White.