Norwegian hedge fund builds stake in Superdry
The brand is currently working with advisors from PwC to explore its options to cut costs which include a Company Voluntary Agreement
First Seagull, a Norwegian alternative investment fund, has built a 5.3% stake in Superdry as a result of its plummeting share price, fuelling rumours of a takeover.
According to The Times, the hedge fund sees an opportunity to bid for Superdry after multiple profit warnings over the last few years.
Most recently, the retailer announced a 23.5% half-year revenue fall to £219.8m due to a “challenging” consumer retail market.
As a result of the difficult trading, the company closed 12 stores in the half year, ending the period with 216 owned stores.
Alongside this, Authentic Brands Group and Sycamore Partners are also thought to be interested in the retailer.
Following news of the investment Superdry’s share price jumped 63% and sits at 34.48 pence per share at the time of writing.
Superdry reportedly cancelled a meeting with investors yesterday (1 February) further fuelling speculation.
The brand is currently working with advisors from PwC to explore its options to cut costs which include a Company Voluntary Agreement.
