Superdry announced that it has agreed an extension and increase to its secondary lending facility (the ?Facility?) with Hilco Capital Limited (?Hilco?) that will provide the Company with improved liquidity headroom necessary to help facilitate the implementation of its turnaround plan and cost reduction programme. The Hilco Facility is to be extended by six months to 7 February 2025 and will see an additional £10m made available immediately and a further £10m available for the working capital peak between September and November, subject to the approval and implementation of cost saving measures. The interest rate is 11.5% plus the Bank of England base rate on the drawn element.

It is covenant-light, with borrowing availability based upon an asset base that is consistent with the Company?s current agreements with both lending parties.