Superdry gets court seal of approval for recovery plan, names tech chief

First creditors voted to approve its plans, then shareholders, and now the UK courts have said yes to Superdry’s plan to avoid administration and (hopefully) kick-start its turnaround.

The company has announced the result of the hearing for the restructuring plan, which has now been sanctioned so can proceed as hoped.

It means the company can “implement the Capital and Restructuring Measures, which the Group is undertaking in order to secure its long-term future and return to profitability”.

Chairman Peter Sjӧlander, said of the news: “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.”

Superdry has been working on its turnaround for several years but the pandemic and post-pandemic environment have made it tough for the firm and its valuation based on its share price has plummeted from the glory days of the last decade.

With new funding and a proposed delisting from the London Stock Exchange, it will be able to work on turning itself around without the glare of publicity that comes with being a listed business. Unfortunately for us, it means there will be less information available from the firm, but we assume that — if things are going right — the company will want to share that news.

Meanwhile, the retailer has also named Dafydd Moore as its director of global technology. Previously with Halfords where he was group director of IT strategy and architecture, he also had a similar role at Dyson.

He’ll report directly to CEO Julian Dunkerton.