Superdry’s exit from the London Stock Exchange marks a pivotal moment in its restructuring strategy.
- The delisting takes effect officially on July 15, 15 years after Superdry’s initial £400m flotation.
- Superdry informed shareholders that July 12 is the last trading day, signaling a major shift.
- Following the exit, Peel Hunt will no longer serve as Superdry’s sponsor, financial adviser, or corporate broker.
- The restructuring includes rent reductions, a £10m equity raise, and a refocus on retailing by CEO Julian Dunkerton.
Superdry, the fashion retailer, is strategically exiting the London Stock Exchange as a part of its planned restructuring. This move, which takes effect on July 15, follows nearly 15 years since Superdry’s initial public offering valued at £400 million. The retailer officially communicated to its shareholders that July 12 stands as the last trading day on the exchange, marking a critical transition for the company.
With the delisting in place, Peel Hunt will discontinue its role as Superdry’s sponsor, financial adviser, and corporate broker. This decision comes as a component of Superdry’s comprehensive restructuring plan approved last month, emphasizing a significant pivot in the company’s operational focus.
The plan also incorporates reductions in rental expenses for under-performing stores, aiming to streamline the company’s cost structure. Additionally, it includes an equity raise of up to £10 million led by CEO Julian Dunkerton, who holds a substantial 26.4% stake in the company he founded in 2003.
Dunkerton, speaking to industry publication Drapers, emphasized that the decision to delist would substantially reduce costs for Superdry. He expressed that it would enable him to concentrate more effectively on the core retailing aspects of the business, stating, “Delisting will save [Superdry] a lot of money” and help refocus efforts on what lies ahead.
Superdry’s delisting from the London Stock Exchange represents a strategic decision aimed at financial restructuring and operational refocus.
