Superdry founder given more time for negotiations with potential investors

Superdry founder and chief executive Julian Dunkerton has been given more time to hold negotiations over the future of the struggling business.

Dunkerton has been looking to take the Cheltenham based clothing company into private hands and has been talking to a number of potential investors.

And the Stock Market has given him permission to carry on holding the talks until the end of the month.

New York investment management firm Davidson Kempner – owner of the UK’s Oak Furnitureland – is reportedly in discussions with Superdry co-founder and chief, Julian Dunkerton, over potentially backing a deal to take the brand private.

The company is struggling with huge debts and weak sales across the world.

A restructuring process is underway which could lead to widespread job cuts and store closures across the business.

It was announced on the Stock Market this morning that a deadline on talks  on a potential move to take the firm into private hands has been extended.

The statement said: “Discussions with Julian Dunkerton and potential sponsors regarding a possible offer for the company remain ongoing alongside the company’s continued work on its turnaround plan, including its exploration of various material cost saving options, which is expected to be an important element of any such offer.

“The company has requested, and the Takeover Panel has consented to, an extension of the relevant deadline t29 March 2024.

“By this time Julian Dunkerton must either announce a firm intention to make an offer for Superdry in accordance with Rule 2.7 of the Code or announce that he does not intend to make an offer for Superdry.”