// Superdry raises £12m via share sale and retail offer

// The struggling retailer is using the proceeds to fund its turnaround plan

Superdry has completed its £12m equity raise to help fund its turnaround plan.

The struggling retailer raised £11.1m through the sale of new shares and £0.9m via a retail offer on Wednesday.

The retailer issued 15.7m new shares, equating to 19.1% of the company’s equity, and the placing was backed by existing and new investors.

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Co-founder and chief executive Julian Dunkerton participated in the funraising and upped his stake from 24.7% to 25.4%.

The equity raise comes on the back of multiple initiatives to generate cash from the retailer, including the sale of some of its intellectual property assets in the Asia-Pacific to raise £34m and a £35m annualised cost reduction programme.

Last week, Superdry confirmed its lender Bantry Bay is extending its borrowing availability until the completion of the Asia deal.

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