{"id":10073,"date":"2023-08-08T01:39:42","date_gmt":"2023-08-08T01:39:42","guid":{"rendered":"https:\/\/dmsretail.com\/RetailNews\/superdry-secures-25m-funding-from-hilco-to-power-turnaround-plan\/"},"modified":"2023-08-08T01:39:42","modified_gmt":"2023-08-08T01:39:42","slug":"superdry-secures-25m-funding-from-hilco-to-power-turnaround-plan","status":"publish","type":"post","link":"https:\/\/dmsretail.com\/RetailNews\/superdry-secures-25m-funding-from-hilco-to-power-turnaround-plan\/","title":{"rendered":"Superdry secures \u00a325m funding from Hilco to power turnaround plan"},"content":{"rendered":"

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\"Superdry\"<\/div>\n

Superdry has secured up to \u00a325m in funding from restructuring specialist Hilco Capital to help power its turnaround plan.<\/p>\n

The fashion retailer said on Monday it had agreed a secondary facility on top its existing \u00a380m asset-backed loan with Bantry Bay Capital.<\/p>\n

The agreement with Hilco is for a 12-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.<\/p>\n\n

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Superdry said the funding would help accelerate its turnaround plan and \u00a335m cost reduction programme, which was announced back in April.<\/p>\n

The agreement follows multiple initiatives from the retailer to strengthen its balance sheet, including an \u00a311.1m equity raise back in May.<\/p>\n

The retailer, which has struggled to bounce back from the pandemic, withdrew its \u201cbroadly breakeven\u201d full-year profit guidance in April as it continued to experience disappointing retail sales.<\/p>\n

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