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HomeBusinessM&G drops rescue plan challenge, saving Superdry

M&G drops rescue plan challenge, saving Superdry

  • Superdry’s flagship store landlord withdraws objection to rescue plan
  • M&G, British Land decide not to challenge restructuring proposals
  • Plan includes rent cuts, funding injection; shares may be delisted

The news that the landlord of its flagship store will not formally attempt to obstruct a restructuring proposal has boosted the struggling fashion chain.

The proprietor of Superdry’s flagship store has withdrawn from a challenge to its rescue plan, granting the struggling London-listed fashion chain a reprieve.

The asset manager, M&G, who had been considering a formal objection to Superdry’s restructuring plan, has decided not to proceed.

M&G, the owner of Superdry’s Oxford Street store, had retained attorneys from Hogan Lovells, a City law firm, to evaluate the proposals.

According to sources in the city, British Land, which owns several Superdry stores, would not participate in the restructuring plan. However, they had also decided to refrain from filing a formal challenge.

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The rescue agreement, which will prevent store closures in the UK but include significant rent cuts for several landlords, will be accompanied by a multimillion-pound funding injection from founder Julian Dunkerton.

The property groups are suspected to have been concerned about the lack of their involvement in a mechanism that would have enabled creditors to capitalize on any future improvements in the retailer’s performance.

A retailer spokesman said, “We are still in the process of engaging with our landlords regarding our proposed Restructuring Plan, which is essential for the future of the business.

The company’s market capitalization was less than £40 million, as shares of Superdry were trading in London at just 4.45p.

If the restructuring plan is successful, the company’s shares will be delisted.

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