Fashion chain Superdry has announced the completion of a £12m equity raise to help fund its turnaround plan.
The struggling retailer, which has its head office in Cheltenham, raised £11.1m through the sale of new shares and £0.9m via a retail offer.
The retailer issued 15,700,000 new shares, representing approximately 19.1% of the company's existing issued share capital, which was backed by new investors.
Read more: Here's why you should enter the GloucestershireLive Business Awards 2023
Superdry's co-founder and chief executive Julian Dunkerton upped his stake in the company from 24.7% to 25.4%. Mr Dunkerton agreed to acquire 4,500,000 placing shares under for approximately £3.4m.
The Cheltenham firm issued a warning earlier this month (April 14) saying that it needed to cut costs by more than £35m after seeing dampened consumer spending. And last week (April 25) it extended its loan facility with Bantry Bay, which was at £80m in December 2022.
And earlier on Tuesday (May 2) the brand confirmed that it was in "positive" talks with investors regarding the equity raise after announcing intentions to raise £15m. Mr Dunkerton, had previously said he would fully support a potential equity raise of up to 20%.
Today (May 4) the company announced in a statement the completion of its share sale.
Superdry said: “Superdry announces the successful completion of the equity raise announced on May 2 2023, raising gross proceeds of approximately £12 million.
“The Equity Raise comprised a Placing and REX Retail Offer The placing raised gross proceeds of approximately £11.1 million. A total of 14,489,642 Placing Shares have been placed by Peel Hunt and Liberum with certain institutional and other investors at an issue price of 76.3 pence per share.”
Read next:
Airbus profits and aircraft output drop amid supply chain ‘tensions’
Cero Generation and Enso Energy open UK's first transmission-connected solar farm
Dyson unveils £100m Bristol tech hub as part of global growth plans
Like this story? Why not sign up to get the latest South West business news straight to your inbox.
