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Elliott Advisors rescue package boosts Superdry shares

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Shares in Superdry have rebounded after the troubled UK-based fashion firm secured a new £80 million funding package backed by US activist hedge fund Elliott Advisors, according to a report by BusinessLive. 

Shares in Superdry have rebounded after the troubled UK-based fashion firm secured a new £80 million funding package backed by US activist hedge fund Elliott Advisors, according to a report by BusinessLive. 

Shares in the firm rose by 16%, or 16.8p, to 118p after news of the new derby facility with Elliot-backed Bantry Bay Capital broke. Superdry’s existing £70 million debt facility had been due to expire in January 2023.

The Bantry Bay Capital deal capped off a week of good news for Superdry with the firm revealing a 3.6% increase in revenue for the six months to the end of October compared to the same period last year, and record Black Friday sales. Superdry said the growth was driven by its stores, which posted a 14.4% year-on-year jump in revenues following the easing of pandemic restrictions.
 

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