Superdry has announced that it has secured a secondary lending facility of up to £25 million (€29m) from Hilco Capital, a London-based firm that specializes in restructuring and refinancing other companies. The fresh funding is supposed to help accelerate Superdry’s turnaround plan and cost-cutting program.
The arrangement with Hilco is for an initial 12-month term with the option to extend, and has an interest rate of 10.5 percent plus the Bank of England base rate on the drawn element, which means that Superdry will face paying interest of just under 16 percent. The new agreement adds to the retailer’s existing £80 million (€92.7m) loan with Bantry Bay Capital, announced in December 2022, which replaced another existing £70 million (€81.2m) asset-based lending facility due to expire at the end of January 2023.
