Superdry's administration warning if rescue plan fails

SUPERDRY will fall into administration unless shareholders back a three-year, multi-million pound turnaround plan for the struggling fashion chain, chief executive Julian Dunkerton warns

- Geoff Ho

Dunkerton's bid to save Superdry will see it quit the London Stock Exchange after 14 years and raise up to £10million in fresh finance.

It will also involve rent reductions on 39 of its sites and its lenders extending the repayment dates on its debts.

Superdry shareholders will be given two refinancing options to vote on in June. The first would involve selling £6million worth of shares to new and existing investors. For the second Dunkerton would put in £10m in exchange for new shares, meaning he goes from owning 26% of the company to 88%.