Superdry & Co has secured a £70m refinancing package with Barclays and Bank of America, to push ahead with plans to open 21 new stores.
It has agreed a £60m asset-based lending facility with the two banks, led by Barclays, alongside a £10m trade finance facility backed by UK Export Finance.
The deal, which replaces financing arrangements agreed with Bantry Bay Capital and Hilco Capital during its turnaround in 2023, is expected to deliver annualised interest savings of around £5m.
The new £60m facility runs until October 2029, while Hilco has separately extended its support until June 2028, providing up to £30m in additional funding headroom.
The refinancing is a significant milestone for Superdry as it shifts its focus from stabilising the business to driving growth, following a return to profit in FY25, continued EBITDA improvement throughout FY26 and what it described as a strong start to FY27.
Superdry is planning to open 21 new stores during FY27, while expanding its presence across Europe and investing in its growing portfolio of brands.
This includes the rollout of Bench, the exclusive UK and European launch of US workwear label Stan Ray, and its long-term partnership with Kappa, which is set to launch for spring/summer 2027.
Superdry founder and chief executive Julian Dunkerton said: “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.”
Superdry chief financial officer Nic Shaw said the refinancing would put the business on a “firmer financial footing” and provide the financial flexibility needed to deliver its growth strategy.
He added: “Barclays and Bank of America are the right partners for where we’re taking the business next and have been constructive throughout. I’m also pleased that Hilco Capital continues to lend alongside them.”
Barclays Corporate Banking relationship director Jim Quantrill said the agreement would provide Superdry with a “strong platform for its next phase of expansion”, while Bank of America director Lee Masters said the funding would help the retailer expand its geographic footprint and product lines.
The Cheltenham-based company currently operates 121 owned stores across the UK, Europe and the US, alongside 131 franchise locations across 21 countries.
Superdry’s audited accounts for FY26 are expected to be published at the end of November.