Superdry to quit London stock market in huge restructuring

Superdry has announced it will delist from the London Stock Exchange in a huge restructuring aimed at turning the fashion retailer’s fortunes around.

It said it would be forced to enter into administration if it did not go ahead with the plans.

Julian Dunkerton, Superdry’s chief executive and co-founder, said the announcement marked a “critical moment” in the company’s history.

As part of the plans, the company is also looking to raise up to £10m through the sale of new shares, known as an equity raise.

Superdry said it wanted to delist from the London markets so it could carry out the restructuring “away from the heightened exposure of public markets”.

The fashion brand, known for its coats and hoodies, has seen its share price fall from more than 500p to a little over 5p.

Experts have suggested the firm has struggled to appeal to younger shoppers despite partnering with influencers and stepping up its social media marketing on Instagram and TikTok.

The fashion business, which runs 216 shops as well as franchised stores, has been looking at various ways to cut costs after a year of weakening sales and deepening losses.

Despite spending on tie-ups with celebrities such as Brooklyn Beckham and football superstar Neymar Jr, in the six months to the end of October, sales across the group fell 23.5% to £220m as consumer spending was squeezed and shoppers may have been put off heavier clothing items due to “unseasonal” weather.