Embattled Superdry confirms share sale as it looks to raise £12m
Struggling fashion brand Superdry has confirmed it is looking to raise £12m through the sale of just under 20 per cent of its shares.
The move was confirmed by the Cheltenham retailer after several days of speculation across the media.
And it has also emerged that founder and chief executive Julian Dunkerton has made a personal pledge to underwrite the offer.
The company, which has been hit by falling consumer demand and a weak performance in its wholesale business says several investment firms have already expressed an interest including Hargreaves Lansdown, AJ Bell and Interactive Investor.
Earlier this year Superdry published a profit warning and announced plans to make savings of £35m.
It has also extended its loan arrangements as it looks to complete the £45m sale of intellectual property rights in the Asia Pacific region.
The cuts are likely to include the closure a number of its stores in the UK and overseas.
The retailer is looking to issue 15.7 million shares at an issue price of 76.3 pence each.
Shares in Superdry have lost 33.8 per cent of their value so far this year. The sale of the equity is at a discount of about 10 per cent from its last close of 84.7 pence per share.
