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Dunkerton pledges £10m in Superdry survival plan
April 16, 2024
|Evening Standard
SUPERDRY co-founder Julian Dunkerton today pledged to put in £10 million of his own money as he fights to rescue a business that has been buffeted for years but which he insists can be saved.
The company will delist from the stock market, allowing Dunkerton to focus on retailing - and avoids the business falling into administration or being snapped up by Mike Ashley's Frasers Group.
Other investors may also back the shake-up, but Dunkerton has pledged to underwrite the full amount, a sign of his commitment to the brand. "I love this company," he said.
He made about £80 million when Superdry floated on the stock market in 2010 at a price of 500p. The shares are today at 8p, which leaves the equity valued at £8 million.
He has agreed rent cuts on 39 of the UK's 94 stores and an extension on loan deals with Bantry Bay and Hilco.
"The brand has a long-term future. I am very happy to be delisting and going forward with a clear plan," Dunkerton told the Standard.
هذه القصة من طبعة April 16, 2024 من Evening Standard.
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