Superdry PLC (LSE:SDRY), the branded retailer famous for its hoodies, has secured a new £80mln loan facility helping push shares 16.6% higher.
In a trading update the group said the new facility, included a £30mln term loan, and covered a three-year period with an option to extend for one further year.
The deal with specialist lender Bantry Bay Capital Limited replaces an existing £70mln facility which runs out at the end of January.
But it said, “given market conditions”, the interest rate will be higher than the previous agreement – at 7.5% above the sterling overnight interbank average rate.
The group said revenue in the 26 weeks to October 29 was up 3.6% year-on-year driven by strong performance in owned stores which contributed 14.4% year-on-year growth.
Julian Dunkerton, founder and chief executive officer, said: “it’s great to see store sales recovering well.”
“I am also encouraged with how we have started the second half, which has seen our biggest ever week for Ecommerce orders driven by a return to record levels of jacket sales over the Black Friday period and good momentum through the recent spell of colder weather.”
“That said we are under no illusions that consumer confidence is fragile and that the picture is unlikely to change quickly.”