US activist hedge fund Elliott Management is set to refinance Superdry with a £70m funding package as a deadline for the clothing retailer to repay its current debts looms large, according to a report by the Sunday Times.
US activist hedge fund Elliott Management is set to refinance Superdry with a £70m funding package as a deadline for the clothing retailer to repay its current debts looms large, according to a report by the Sunday Times.
The report cites city sources as saying that Bantry Bay, a London-based fund backed by Elliot Advisors and run by Jonathan and Dennis Levine, is in talks with Superdry and advisor PwC, to ensure that a new asset-backed lending facility is in place before the January deadline for the repayment of the company’s existing loans.
In the 12 months ended 30 April, Superdry reported a profit before tax of £22 million, up from a £12.6 million loss in the previous year. The group’s statutory profit also increased to £18 million with founder Julian Dunkerton, who returned to the helm in 2019, saying at the time that the business “was cool again”.
