Superdry share price soars over 100 per cent as Julian Dunkerton mulls takeover
Superdry shares soared over 100 per cent this morning after boss and co-founder Julian Dunkerton revealed he is in talks over a possible takeover deal to rescue the troubled fashion brand.
The firm told investors this morning Dunkerton is “engaged in discussions with potential financing partners” over a possible takeover offer for the business”.
“These discussions are at a preliminary stage and no decisions have been made,” it added.
Dunkerton founded Superdry, which has 98 stores in the UK, back in 2003 and owns around 26 per cent of the business.
Today’s developments come just days after it was confirmed by the firm that it was plotting a major restructuring which could see stores closed and jobs cuts after reporting weak sales.
Over the weekend, Sky News reported that the firm was working with PWC to deliver a turnaround plan, which could lead to a company voluntary arrangement (CVA).
Just last month the retailer posted a 23.5 per cent decline in revenues during the half year, blaming wet weather for the slide.
But the firm has been struggling to keep its head above water for months, launching a number of schemes to shore up extra costs.
Back in October, it signed a joint venture with Reliance Brands Holding UK Ltd (RBUK) for the sale of its intellectual property in South Asia, in its latest bid to boost funds.
It mirrored an agreement announced by Superdry in March to sell the intellectual property of its Asia Pacific offering to South Korean retail group Cowell Fashion Company for $50m (£40m).