An American investment firm is in talks to takeover struggling fashion retailer Superdry.
The clothing brand has survived amid a hugely declining share price and a series of profit warnings - including a loss of £148.1million - in the last 12 months, forcing it to bring in advisers from PwC to look at a potential restructuring of the business.
Co-owner Jamie Dunkerton, who returned to the company five years ago, is in talks with Davidson Kempner, the same US firm which has backed Oak Furnitureland and New Look.
The news was immediately welcomed by city investors sending shares up by 17.4% to 39 and a half pence.
The brand, which has a ground floor unit in Aberdeen's Union Square, has struggled since the pandemic despite partnerships with worldwide names Neymar and Brooklyn Beckham.
But Dunkerton admitted after the company published its results in September "it hasn't been easy".
He added: "I can’t deny, it’s been a year where we’ve had to sort our liquidity, play catch-up with our rents, stabilise turnover and get the balance sheet in order."
FTSE 100
The UK's flagship share index, the FTSE 100, was down 50-points at 7,669 shortly after opening this morning.
Brent crude oil futures was up 0.27% today, trading at $82.56 a barrel.
Companies reporting this week
| 21-Feb |
|---|
| BAE | Full Year Results |
| Glencore | Full Year Results |
| HSBC | Full Year Results |
| NVIDIA | Full Year Results |
| Rio Tinto | Full Year Results |
| Tate & Lyle | Q3 Trading Statement |
| 22-Feb |
|---|
| Anglo American | Full Year Results |
| Genus | Half Year Results |
| Hargreaves Lansdown | Half Year Results |
| Hays | Half Year Results |
| Hikma Pharmaceuticals | Full Year Results |
| Indivior | Full Year Results |
| Lloyds | Full Year Results |
| ME Group | Full Year Results |
| Mondi | Full Year Results |
| Morgan Sindall | Full Year Results |
| Nestle | Full Year Results |
| Pantheon International | Half Year Results |
| Rolls Royce | Full Year Results |
| Safestore Holdings | Q1 Trading Statement |
| WPP | Preliminary Full Year Results |
| 23-Feb |
|---|
| Deutsche Telekom | Full Year Results |
| Jupiter Fund Management | Full Year Results |
| Standard Chartered | Full Year Results |