Superdry secures £70m lending facility to ‘deliver on transformation plans’
Fashion retailer Superdry has secured a multi-million pound lending facility to strengthen its cash position in the wake of the COVID-19 crisis.
The firm has announced it has secured a £70m asset backed lending (ABL) facility, alongside reporting results for Q1 that were “better than initial expectations”.
Total group revenue for the period was down 24.1 per cent year-on-year, which the company attributes to the impact of store closures as a result of the coronavirus pandemic..
Following gradual reopening of its stores at the start of FY21, store revenue has dipped 58.1 per cent in Q1 versus FY20, equivalent to a 32.3 per cent like-for-like drop.
Despite the revenue decrease, the brand hopes to continue with its planned transformation plans.
Julian Dunkerton, Superdry’s chief executive officer, commented: “The actions we have taken to date have greatly strengthened our cash position, which together with our new ABL Facility, give us the flexibility to execute our current plans and to secure our recovery.
“Together, we are making our way through this unprecedented period, and I’m confident we can reset the brand and deliver on our transformation plans.”
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