Fashion retailer Superdry has confirmed weekend reports that it is requesting £70m from London hedge fund Bantry Bay.
Superdry is set to pay its debts early next year and has sought a new asset-backed lending facility before its January deadline.
“Superdry plc acknowledges recent press speculation about its previously announced refinancing process and confirms that it is in negotiations with Bantry Bay Capital Limited, the specialist lending provider, to replace the existing up to £70m asset-backed lending facility,” the company wrote in a statement this morning.
“There can be no certainty that an agreement will be reached, nor as to the terms of any such agreement and we remain in discussions with other lenders.”
The London-listed retailer said it would let shareholders know if a funding agreement proceeds.
“Our asset backed lending facility of up to £70m is due to expire at the end of January 2023, although current projections suggest the group will remain cash positive throughout most of the first half of the calendar year,” chairman Peter Sjolander said last month when Superdry posted its full-year results