Superdry restructuring plan gets court approval, appoints tech director

Days after securing approval for its restructuring plan from shareholders, British retailer Superdry has received the green light from the court following a sanction hearing.

In the hearing, which took place on June 17, the plan was given the final go ahead needed in order to be carried out, allowing the group to now move forward with its Capital and Restructuring Measures.

In a regulatory filing, Peter Sjӧlander, Superdry chairman, said: “This is an important moment for Superdry. My thanks and those of the entire board go to the shareholders and creditors of Superdry who have supported the proposals, which will enable the business to go forward with the right structure, balance sheet and cost base to deliver its turnaround and future growth.”

The plan, which consists of the inter-conditional Equity Raise, Delisting and retail network restructuring, had first been approved by Plan Creditors before being backed by the majority of shareholders in a later general meeting last week.

With court approval now also in the bag, Superdry’s schedule of next steps can go into motion. Last day of listing is anticipated to take place June 18, with the cancellation of its listing on the London Stock Exchange to follow on July 12.

Ultimately, the allotment of new placing shares, opted for by shareholders and possibly resulting in 10 million pound proceeds to provide liquidity for the plan itself, is expected to be carried out on July 15.

Former Halfords IT director joins Superdry

The news coincides with the appointment of a new director of global technology at the company. Dafydd Moore announced the new position on Linkedin, where he said: “This is a brand and company that I have been a fan of for many years, to be joining it at this pivotal time is really exciting.”

Moore joins the retailer from Halfords, where he was group director IT strategy and architecture, before which he served in a variety of roles at Dyson.