- Insolvency Insider UK
- Posts
- Superdry PLC - Proposed Restructuring Plan
Superdry PLC - Proposed Restructuring Plan
Superdry PLC, a beloved fashion retailer listed on the London Stock Exchange, has filed a proposed restructuring plan in an attempt to avoid insolvency.
The company, which was valued at £1.8bn at its peak in 2018, has struggled in recent months due to market conditions and reports that consumers don’t see the brand as being as cool as it used to be, instead viewing it as a “dad brand”.
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. Mr Dunkerton has warned that if shareholders do not approve the plan, the company will enter administration.
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 the financial advisers to C-Retail Limited (the plan company), a subsidiary which owns Superdry’s leasehold portfolio.
Huk 128 Limited, Bantry Bay Capital, HSBC UK Bank and BNP Paribas have registered charges against the company.