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Superdry is set to delist from London markets

Document Cited in Related
Vincent
Published date17 April 2024
Publication titleJournal, The
The company warned it would be forced to enter into administration if it did not go ahead with the plans

It announced a string of cost-cutting measures, including reducing the rents on 39 of its UK sites and extending the maturity date of large loans. It also wants to return to sales growth through measures such as improving its product ranges and reallocating marketing spend.

The fashion business, which runs 216 shops as well as franchised stores, has been looking at various ways to cut costs after a year of deepening losses. It is looking to raise up to £10 million through an equity raise, meaning the sale of new shares, to support its restructuring plans.

This will be backed and insured by Superdry's co-founder and chief executive Julian Dunkerton, who assured his "passion for this great British brand remains as strong today as it was when I founded the business". Superdry said it wants to delist its shares from the London markets as a result of the plans, which need to be implemented "away from the heightened exposure of public markets". Delisting will also help it make cost savings, it said.

The business needs shareholders to approve the move at its general meeting before it can apply to...

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