By Ilaria Grasso Macola
US hedge fund Elliott Advisors is set to refinance Superdry with a £70m funding as the clothing company is due to repay its debts early next year.
Advised by PwC, Superdry is in talks with Elliott Advisors’ London arm, Bantry Bay, to ensure the new asset-backed lending facility before the January deadline, the Sunday Times reported.
“Our asset backed lending facility of up to £70m is due to expire at the end of January 2023, although current projections suggest the group will remain cash positive throughout most of the first half of the calendar year,” chairman Peter Sjolander said last month when Superdry posted its full-year results
“The Directors acknowledge that, until these discussions conclude, a material uncertainty exists around the going concern of the group, although we remain confident of a positive outcome.”
In the 12 months ended 30 April, Superdry returned to black with a profit before tax of £22m, up from a £12.6m loss last year. The group’s statutory profit also increased to £18m.
Superdry has declined to comment.
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