Troubled Superdry forced to suspend trading in shares

Trading in shares in fashion firm Superdry has been suspended after the Cheltenham company failed to file its annual results.

The company, which was founded by entrepreneur Julian Dunkerton, has been struggling for some months.

It recently agreed a further loan of up to £25m to help fund its turnaround plan.

The struggling clothing retailer secured the facility from finance firm Hilco Capital and is looking to cut costs by £35m.

Superdry said the agreement was in addition to an £80m refinancing deal with US hedge fund Bantry Bay Capital reached last December, and extended in April.

The company also completed a £12m equity raise in May, with co-founder and chief executive Julian Dunkerton increasing his personal stake in the business.

This morning the company announced the publication of its full year results has been delayed and confirmed that trading in its shares has been suspended.

Superdry said it is currently working with its auditor, RSM UK Audit, to complete the final technical points of the audit of its full year results and expects to announce later this week.

A statement said: “The board confirms that the delay is a result of normal procedures taking longer than anticipated during the first year that RSM are auditing the Company.

“The company expects to request a restoration of the listing of Ordinary Shares on publication of its FY23 results before the end of this week.”