Superdry landlord M&G backs down from challenge to Superdry recovery plan

By

Nigel TAYLOR

Published
Jun 3, 2024

Superdry must be breathing a sign of relief after news that global investment manager M&G has withdrawn its formal challenge to the troubled fashion retailer’s rescue plan.

M&G, which owns Superdry’s Oxford Street, London, flagship store had engaged lawyers to examine the proposals of the plan in April.

And reports also suggested property giant British Land, which owns various Superdry sites, has objected to the restructuring plan, but has chosen not to pursue a formal challenge.

The M&G change of mind was reported by Sky News, which had said the property groups were believed to have been concerned they weren’t included in a mechanism to allow creditors to benefit from any future recovery in the retailer's performance.

A multimillion-pound funding injection from Superdry CEO Julian Dunkerton is set to accompany the rescue deal, which will include rent cuts for various landlords but should avoid major UK store closures.

Superdry is also set to delist from the London Stock Exchange if its restructuring plan is successful.

A Superdry spokesman said: “We continue to engage with our landlords regarding our proposed restructuring plan, which is vital for the future of the business.

Shares in Superdry dipped 2.3% in trading in London Monday to just 4.49p.

M&G and British Land declined to comment for the story.