UK’s Superdry in talks with Bantry Bay to refinance $85 million facility

LONDON (Reuters) – British fashion group Superdry said it is in negotiations to refinance borrowings of up to 70 million pounds ($85 million) with Bantry Bay Capital as it races to secure new backing before the facility expires at the end of January.

Superdry, which is best known for its hoodies and jackets, stressed the need to refinance some of its debt last month, warning that until the facility was replaced there was material uncertainty around the going concern of the group.

Bantry Bay Capital is a joint venture partnership with funds advised by Elliot Advisors, an activist investor.

Superdry said it was also holding talks with other lenders and would make a further statement when appropriate.

“There can be no certainty that an agreement will be reached, nor as to the terms of any such agreement and we remain in discussions with other lenders,” Superdry said in its statement on Monday.

The group returned to profit in the year to April 30, and said in early October that it had made an encouraging start to its current financial year.

($1 = 0.8288 pounds)

(Reporting by Sarah Young; editing by James Davey)