Superdry PLC on Monday said it has sealed a secondary lending facility of up to £25 million with Hilco Capital Ltd.

The Gloucestershire-headquartered clothing brand said the facility will boost its liquidity and help accelerate the implementation of its turnaround plan and cost reduction programme.

Superdry added that the facility with Hilco is at an interest rate of 11%, and is for a 12-month period, with the option to extend.

The company must meet a number of mutually agreed conditions to satisfy the terms of the deal.

Hilco is a London-based investment company.

This comes after the retailer announced in April its London-based lender Bantry Bay Capital Ltd had agreed to increase its borrowing availability until the sale of APAC Sale Group Pte Ltd is complete. Superdry currently has an asset-backed loan of up to £80.0 million from Bantry Bay.

Shares in Superdry were down 3.6% at 72.10 pence each in London on Monday afternoon.

Copyright 2023 Alliance News Ltd. All Rights Reserved.