7 August 2023

 

Superdry PLC

(“Superdry” or the “Company”)

 

 

Secondary lending facility of up to £25m

 

Superdry is pleased to announce that it has agreed a secondary lending facility (the “Facility”) of up to £25m with Hilco Capital Limited (“Hilco”)1, providing the Company with improved liquidity to help accelerate the implementation of the turnaround plan and cost reduction programme.

 

This agreement comes in addition to the Company’s existing asset backed lending facility with Bantry Bay Capital Limited (“Bantry Bay”) and will help mitigate the headroom cap on this outstanding credit agreement. The facility with Hilco is for a twelve-month term with the option to extend and is at an interest rate of 10.5% plus the Bank of England base rate on the drawn element. It is covenant-light, with borrowing availability based upon an asset base that is consistent with our current agreement with Bantry Bay. Upon signing, the Company must also meet a number of mutually agreed conditions subsequent to satisfy the terms of the agreement.

 

For further information, please contact:

 

Superdry
Shaun Wills	shaun.wills@superdry.com	+44 (0) 1242 586747
Chris MacDonald	investor.relations@superdry.com	+44 (0) 1242 586747
Joint Corporate Brokers
Peel Hunt LLP		+44 (0) 2074 188900
George Sellar
Andrew Clark
Liberum Capital Limited		+44 (0) 2031 002000
John Fishley
Edward Thomas
Media Enquiries
Tim Danaher	superdry@brunswickgroup.com	+44 (0) 207 4045959

 

Notes to Editors

 

Our mission is “To be the #1 sustainable style destination” through our distinct collections, defined by consumer style choices. We design affordable, premium quality clothing, accessories and footwear which are sold around the world. We have a clear strategy for delivering continued growth via a multi-channel approach combining Stores, Ecommerce, and Wholesale.

 

Superdry has 219 physical stores and around 450 franchisees and licensees. We operate in over 50 countries and have over 4,100 colleagues globally.

 

1 Hilco is a subsidiary of the US-based group, Hilco Global. Hilco is one of Europe’s leading retail specialists and has been involved in numerous direct lending projects across a range of sectors in the UK, Europe and Australia over the last twenty-one years, including listed retailers. Hilco has provided loan facilities to large retailers, over the past 24 months including French Connection, Gieves and Hawkes, Bowers and Wilkins, Kick Game, Blokker BV, David Jones and 2XU. Bowers and Wilkins, French Connection and Gieves and Hawkes were all refinanced as part of onward sales of the businesses.

 

Cautionary Statement

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").