A woman walks past a window display at a Superdry store in London, Britain, March 1, 2019. REUTERS/Toby Melville/File Photosaid on Monday it has secured additional funding of up to 25 million pounds from restructuring specialist Hilco Capital but faces paying interest of just under 16%.
The group, whose shares have slumped 44% this year, raised 11 million pounds in a share placing in May. Superdry said the facility with Hilco is for a 12-month term with the option to extend, and is at an interest rate of 10.5% plus the Bank of England base rate on the drawn element. Last week the BoE raised its key interest rate by a quarter of a percentage point to a 15-year peak of 5.25%.The agreement is in addition to its existing 80 million pound asset-backed lending facility with Bantry Bay Capital Ltd.Reporting by James Davey; Editing by Sachin Ravikumar