Superdry & Co Refinances with £70m Bank Package

A new financial footing for a Cheltenham fashion group

Superdry & Co has completed a refinancing that shifts its senior debt away from specialist turnaround lenders and into the hands of two major banks. The Cheltenham-headquartered fashion brand and retailer has secured a committed asset-based lending facility of £60 million, led by Barclays, with Bank of America also participating. The arrangement runs until October 2029.

Sitting alongside it is a £10 million trade finance facility from Barclays, guaranteed by UK Export Finance (UKEF), the government’s export credit agency. Together the two elements form a £70 million funding package, with the trade finance portion specifically aimed at supporting the group’s international business.

What the deal replaces

The new facilities take the place of the arrangements Superdry & Co agreed with Bantry Bay Capital and Hilco Capital during its 2023 turnaround. The significance lies in who is now lending: senior funding has moved from a specialist turnaround lender to two mainstream banks, a change the company presents as evidence that its recovery has moved beyond stabilisation.

Hilco Capital remains involved, having extended its support until June 2028. That extension provides up to £30 million of additional headroom on top of the £70 million package.

Cost savings and room to invest

The company says the new structure will save approximately £5 million a year in interest costs compared with its previous facilities. Just as important, it gives the business liquidity headroom to put behind its growth plans. The refinancing follows a return to profit in the 2025 financial year (FY25), continued improvement in EBITDA through FY26 and what the group describes as a strong start to FY27.

In the words of the leadership

Julian Dunkerton, founder and chief executive, framed the deal as the payoff for earlier restructuring work: “We have done the hard work of fixing our foundations. The refinancing gives us the backing to focus on what matters most: growth, building Superdry & Co’s brand portfolio, strengthening our international presence, and opening new stores in the right locations. Having Barclays and Bank of America behind us says a great deal about where we are taking this business and the opportunity ahead of us.”

Chief financial officer Nic Shaw said the refinancing “puts the Group on a firmer financial footing and gives us the headroom to invest behind our strategic plans.” He described the two banks as the right partners for the business’s next stage and noted they had been constructive throughout the process. Shaw also thanked Bantry Bay for its support during the turnaround period.

Where the money goes

Superdry & Co currently runs 121 owned stores across the UK, Europe and the United States. The new funding is earmarked for three broad areas:

• Store expansion: 21 new stores are planned for FY27, with site selection focused on the right locations rather than pure volume.
• European growth: continued expansion across European markets, supported in part by the UKEF-backed trade finance facility.
• Brand portfolio: further investment in the labels built under Superdry & Co, including the rollout of Bench, the exclusive UK and European launch of American workwear brand Stan Ray, and a long-term partnership with Kappa arriving for spring/summer 2027.

The lenders’ view

The banks see the refinancing as a platform for expansion rather than a defensive move. Jim Quantrill, relationship director for retail and wholesale at Barclays Corporate Banking, said the deal “provides Superdry & Co with a strong platform for its next phase of expansion.” Lee Masters, director and senior business development officer at Bank of America, said the financing “will help expand their geographic footprint and product lines, introducing them to a wider customer base.”

UKEF chief executive Tim Reid pointed to the company’s weight as an employer in the region. “With more than 1,100 employees across the UK, Superdry is one of the South West’s leading fashion employers. We’re proud to support the company alongside Barclays as it embarks on its next phase of international growth.”

Why it matters

For a retailer that spent recent years cutting costs and rebuilding its balance sheet, moving senior debt to Barclays and Bank of America is a marker of confidence from the mainstream lending market. The combination of a lower interest burden, a longer maturity out to 2029 and extended backing from Hilco gives the group room to pursue store openings and brand launches without the constraints of its turnaround-era facilities. Whether the 21 planned stores and the Bench, Stan Ray and Kappa rollouts deliver the promised growth will be the next test.