In a filing to the stock exchange today (28 November), Superdry said it acknowledges recent press speculation about its previously announced refinancing process.

The company confirmed that it is in negotiations with Bantry Bay Capital Limited, the specialist lending provider, to replace the existing up to GBP70m asset-backed lending facility.

“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. A further announcement will be made as and when appropriate,” Superdry said.

Last month, Superdry reported a full year return to profit following a decline in 2021 due to Covid, however it maintained that the business needs to be run prudently given the current challenges facing retail and a threat of global recession in 2023.

For the 53 weeks ending 30 April, 2022 Superdry returned to profitability with adjusted profit before tax of GBP21.9m (US$24.5m), compared to a loss of GBP12.6m in FY 2021.

Similarly, the fashion retailer recorded group revenue of GBP609.6m (US$682.19m) this year, compared to GBP556.1m in FY21, which is an increase of 9.6% and is said to be largely due to lapping enforced store closures and lifting of restrictions in its key markets.