Superdry's Dunkerton stops takeover talks

Julian Dunkerton, co-founder and CEO of Cheltenham-based fashion retailer Superdry has stepped away from a take-over of the business, but remains committed to the company he founded in 2003.

In a statement to the London Stock Exchange, the company said that " a takeover offer from Julian Dunkerton for Superdry is unlikely to deliver an outcome for shareholders."

However, the business remains in discussion with Mr Dunkerton on "alternative structures". This includes a possible equity raise fully underwritten by him, which would give the company the liquidity to continue the company's turnaround plan.

The statement said: "It is expected that any equity raise would be at a very material discount to the current share price ...... and be conditional on a de-listing of the company."

Julian Dunkerton said he remains fully committed to the company over the long term.

A further announcement will be made as appropriate, the statement said, and there can be no certainty that a transaction with Julian Dunkerton can be agreed.

In January, Superdry reported group revenue down 23.5 per cent in the 25 week period to October 28 £219.8 million, impacted by the challenging consumer retail market, unseasonal weather, as well as the underperformance of its wholesale segment, the global fashion retailer said.

The reduced revenue resulted in an adjusted loss before tax of £25.3 million (H1 23: £(13.6)m).