Superdry boss Julian Dunkerton’s takeover bid is off the cards, despite him remaining “fully committed” to the business and mulling an equity raise, as the fashion retailer extends its funding facility by a further £20m.

Superdry jackets

In a statement to the London Stock Exchange, Superdry confirmed Dunkerton does not intend to make an offer for the business and the fashion retailer is “no longer in an offer period”.

Superdry said an offer from Dunkerton would be “unlikely to deliver an outcome for shareholders” that he and the transaction committee are “confident” would be beneficial to the retailer’s ongoing turnaround plan and cost-saving strategy.

Superdry said Dunkerton remains “fully committed” to the business in a long-term capacity and is in talks about “alternative structures”.

Dunkerton is said to be in discussions with the business over a possible equity raise, which would be “fully underwritten” by him, boosting the retailer’s liquidity for its turnaround. This would be “conditional on a delisting” of the business at a “very material discount to the current share price”.

Despite this, Superdry said a transaction with Dunkerton is not guaranteed and a further announcement will be made “as appropriate”.

The company also confirmed it has extended its funding facility with existing lender Hilco by six months to February 7, 2025, providing the business with a further £10m immediately.

Another £10m will be made available for the working capital peak between September and November this year “subject to the approval and implementation of cost-saving measures”.

The news comes after Dunkerton’s deadline to make an offer for the retailer was extended earlier this month.