Superdry has agreed a £70 million asset-backed lending facility with HSBC and BNP Paribas, replacing its existing deal with was due to expire in January 2022.

The fashion retailer announced that first quarter trading was better than initially expected during the pandemic. Total group revenue for 13 weeks to 25 July was down 24.1 per cent year-on-year, largely due to the impact of store closures during lockdown.

Store revenue fell 58.1 per cent during the period, which was equivalent to a 32.3 per cent drop in like-for-like sales. However, online sales were up 93.2 per cent.

Superdry chief executive Julian Dunkerton said: “The actions we have taken to date have greatly strengthened our cash position, which together with our new asset-backed lending facility, give us the flexibility to execute our current plans and to secure our recovery.

“Together, we are making our way through this unprecedented period, and I’m confident we can reset the brand and deliver on our transformation plans.”

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