The Cheltenham-headquartered global fashion retailer, Superdry, has secured a £70 million asset backed lending facility after sales slumped almost a quarter largely due to the impact of store closures as a result of Covid-19.
On the upside, e-commerce performed very well, nearly doubling in the first quarter.
Superdry has agreed the lending facility with its existing lenders, HSBC and BNPP, extending the term until January 2023.
This ABL Facility replaces the existing facility that the company had in place, which was due to expire in January 2022.
Total group revenue for the period for the first quarter was down 24.1 per cent year on year. However, 95 per cent of Superdry’s stores are now open.
Julian Dunkerton, Chief Executive Officer, said:
“The actions we have taken to date have greatly strengthened our cash position, which together with our new ABL Facility, give us the flexibility to execute our current plans and to secure our recovery.
“Together, we are making our way through this unprecedented period, and I’m confident we can reset the brand and deliver on our transformation plans.”