Superdry up as board faces potential battle with founder Dunkerton

Superdry gained eight per cent today as a battle is brewing for the future of the company.

The shares rose by 34p to 460p by early afternoon, making the company the fastest riser on the London Stock Exchange today.

The rise on the markets comes after it was reported at the weekend that Julian Dunkerton was preparing to ask shareholders to re-appoint him as a director of the company he co-founded with designer James Holder.

Dunkerton, who left the company in March after 15 years, is also looking to remove chairman Peter Bamford and chief executive Euan Sutherland, Sky News reported.

However, the share also tumbled 6.7 per cent on Monday after Dunkerton's plans were first reported.

The entrepreneur, who left the fashion brand to make cider, said last week that the company needs change.

His 18 per cent stake in Superdry has lost around three quarters of its value in the past 12 months. Like many other retailers, the company has been hit by poor weather conditions in recent months.

“It won’t take many shareholders to jump ship and force a change, that is what needs to happen now,” he told Sky’s Ian King.

“The only option now is to bring me back and go ‘right, there has to be a strategic change, and now is the moment’.”

“If it continues the way it is going it’s not going to get better, it’s going to get worse, this is the moment to turn it around.”

Dunkerton did not rule out a hostile bid for the company, but said “I’ve gone through a journey of trying to do it in the right way and I’m continuing to do that.”

Superdry declined to comment.