Ashurst advises on Superdry's restructuring plan, equity raise and delisting

Global law firm Ashurst is advising Peel Hunt LLP, as sole sponsor and financial adviser, in connection with Superdry plc's restructuring plan, equity raise and delisting.

Superdry has announced that it is launching a restructuring plan pursuant to Part 26A of the Companies Act 2006, which will principally involve a restructuring of its UK property estate and retail cost base. This restructuring plan is a key element of the Company's turnaround plan that is intended to help the Company deliver its new, more financially sustainable, target operating model.

To support the Company's transition to this new target operating model, Superdry has also announced an equity raise that will provide necessary liquidty headroom, as well as its intention to delist from the London Stock Exchange, which will allow the Company to benefit from significant cost savings associated with being listed and implement its turnaround plan away from the heightened exposure of public markets. Each of the restructuring plan, the equity raise and the delisting are inter-conditional.

The proposed transactions constitute a reconstruction under the Listing Rules, in connection with which Peel Hunt is acting as sponsor.

The Ashurst team is being led by partner Nicholas Holmes, assisted by senior associate Louise Johnson.