Superdry lender Bantry Bay agrees to increase borrowing level

Fashion retailer Superdry said on Tuesday that its lender, Bantry Bay, has agreed to increase the borrowing availability level under its asset-backed facility until the sale of the Asia Pacific business completes.

The company currently has in place an asset-backed loan of up to £80m.

It said the borrowing availability levels under the asset-backed facility is determined by its asset base, which is currently reduced on account of a seasonal low in its working capital cycle, alongside the previously reported weaker performance of the wholesale division.

As at close of business on 24 April, Superdry’s net debt position was around £26m.