Superdry boss Julian Dunkerton is eyeing a takeover bid for the struggling fashion retailer and is in talks with “potential sources of finance” to help fund a cash offer.
The announcement comes after shares in the business rocketed by more than 90% earlier today as takeover speculation swirled.
Dunkerton, who currently owns around a 20% stake in the business, is “exploring the possibility of making an offer for the company” and is in talks with potential financing partners.
In a statement published on the London Stock Exchange, Superdry confirmed that Dunkerton is “considering options in respect of the company”, which may include a cash offer.
The retailer added that, while discussions are ongoing, they remain at a “preliminary stage” and a decision is yet to be finalised.
Superdry said in a statement: “There can be no certainty that an offer will be made, nor as to the terms on which any such offer might be made.”
It added that Dunkerton must announce his intention either way by March 1, 2024, at 5pm and that a further announcement will be released “as appropriate”.
While Ted Baker owner Authentic Brands Group and private-equity firm Sycamore Partners reportedly have Superdry “on their radar”, a source said Next has also shown an interest in the business following rumours of a potential sale.
When Retail Week reached out to Next, a spokesperson denied the statement, confirming that the fashion giant is not in talks to make a bid for the embattled brand.
The news follows ongoing speculation surrounding the future of Superdry after it was revealed last week that the business is considering a restructuring, which could involve store closures and job cuts, and is working with advisers at PwC on its options.
Superdry also posted a profit warning last week and confirmed the departure of chief financial officer Shaun Wills.