Superdry takes out asset backed loan as sales slump due to coronavirus

Superdry at Manchester Arndale exterior

Fashion retailer Superdry has opened a new asset backed lending (ABL) facility with its lenders as sales for the first quarter slumped due to the ongoing pandemic.

In an update to the City this morning, Superdry said it had agreed the £70m new lending facility with its existing banks and extended the repayment terms until January 2023. 

The retailer said the new loan would be “subject to a number of financial covenants and the borrowing base will vary throughout the year dependent on the level of the company’s eligible inventory and receivables”.

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