[ad_1]
The fashion retailer, which has a market value of just £30m, has drafted in advisers to examine further debt-raising options following a pre-Christmas profit warning, Sky News learns.
By Mark Kleinman, City editor @MarkKleinmanSky
Superdry, the London-listed clothing retailer, has enlisted one of the big four accountancy firms to advise on its finances in the wake of a pre-Christmas profit warning.
Sky News has learnt that Superdry, founded by Julian Dunkerton, has appointed PricewaterhouseCoopers (PwC) to examine its debt-raising options.
The move to bring in new City advisers has emerged just weeks after the fashion brand’s shares sank to a record low after it blamed abnormally mild autumn weather for weak sales.
Its latest profit warning, issued less than a week before Christmas, capped a year in which the company took a number of steps to strengthen its balance sheet.
These included a modest equity raise and brand licensing deals in Asia-Pacific and India.
Superdry already has sizeable debt facilities available to it, through arrangements with Hilco and Bantry Bay Capital worth a total of more than £100m.
On Tuesday, shares in Superdry were trading at around 29.95p, giving the company a market capitalisation of less than £30m.
There has been persistent speculation that Mr Dunkerton, who owns roughly a quarter of Superdry’s shares, would seek to take the company private.
Just under a year ago, he appointed Interpath Advisory, a restructuring firm, to draw up cost-cutting plans for the business.
Superdry has yet to update on its Christmas trading performance, although analysts believe the colder weather may have delivered a boost to sales.
A Superdry spokesman declined to comment on PwC’s appointment.
[ad_2]
Source link