STREETWISE DEAL NETS COOL £105M

SuperGroup, behind the Superdry brand worn by celebrities such as footballer David Beckham, said it had priced its share offer at 500p.

SuperGroup is floating nearly a third of the firm to allow directors to gain a return on their investment as well as raise £15 million to fund growth.

Chief executive and founder Julian Dunkerton, who has built up the group from a market stall in Cheltenham about 25 years ago, will gain the lion’s share of the payout, although partners James Holder and Theo ­Karpathios will also benefit.

The company, which has 41 UK stores and about 53 concessions in House of Fraser department stores, plans to open about 100 more in the next five years and to expand ­international franchises to 27 by the end of April.

Dunkerton said: “We’re on the cusp of growing into something really quite large.” SuperGroup is raising about £125 million from a “heavily oversubscribed” private placement to institutional investors and a small retail offer starting on March 15.

Dunkerton said he was delighted by institutional investors’ interest in the listing, the first by a major retailer since Mike Ashley’s Sports Direct floated in 2007.

The company held back from listing during the credit crunch, which hit investor demand.

Dunkerton said: “The market is not at full strength, but it’s pointing in the right ­direction.”

The management’s holding will fall to about 64.4 per cent. Dunkerton’s stake will be reduced from 53 per cent to about 33 per cent after the move – valuing his share of the business at £118 million.

Last month the firm reported a 29 per cent rise in like-for-like sales for the five weeks to January 3.

SEARCH CITY & BUSINESS for:

Share... • Got A Story? Get in touch online • Email the news desk directly here!

Next story... ‘Gimmicks’ masked Lehman’s debt woes BLUE-chip accountant Ernst & Young faces the prospect of expensive lawsuits after it w...

Print This Article

Email To A Friend

Contact Us About Article

Get RSS