02 February 2024 , 13:02
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Superdry boss and co-founder Julian Dunkerton is reportedly in talks about a possible takeover of the struggling fashion brand.
The company's shares soared by up to 110% on Friday morning due to takeover rumours. The firm informed shareholders that Mr Dunkerton "is engaged in discussions with potential financing partners" regarding a possible takeover bid for the business.
Mr Dunkerton, who helped start the brand in 2003, currently owns about 26% of the company. The retail company stated that "discussions are at a preliminary stage and no decisions have been made". The business, which employs approximately 3,350 people worldwide, operates 216 shops as well as franchised stores.
Earlier this week, Superdry announced it was working with advisers to explore various "cost-saving options" for the business. This followed a report by Sky News suggesting it could initiate a restructuring plan or Company Voluntary Arrangement (CVA).
Such a move could lead to store closures and potentially force rent reductions with landlords. Last week, Superdry reported that its revenue had dropped by nearly a quarter (23.5%) to £219.8 million in the six months to the end of October, with adjusted loss almost doubling to £25.3 million.
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