Business World

Tuesday 20 March 2018

Superdry founder banks over €20m in share sale

Super pay day for Superdry boss (Steven Paston/PA)
Super pay day for Superdry boss (Steven Paston/PA)

Ravender Sembhy

The co-founder of Superdry has bagged £17.8m (€20.3m) after offloading a chunk of shares in the fashion retailer.

Julian Dunkerton, who now acts as the firm's product and brand director, sold one million shares at £17.80 each, or 1.23pc of the group.

It comes following 12 months of share price gains for Superdry, which was previously knows as SuperGroup.

Shares have risen 20pc over the past 12 months to 1,818p, and were only stopped in their tracks after it revealed that half-year profits had declined earlier this month.

The fashion firm booked a 13pc rise in group revenue to £215.6m during the festive period, but the January update came as the retailer unveiled a 28pc fall in half-year pre-tax profits to £9.1m, sending shares 9pc lower on the second tier of the London market.

Following the transaction, Mr Dunkerton, who founded the business in 1985 from a market stall in Cheltenham, still holds 25.36pc of the company and remains Superdry's largest shareholder.

In 2016, Mr Dunkerton sold just under £50m of shares to fund a divorce settlement with Charlotte Abbot.

The clothing retailer - famous for its hoodie tops and T-shirts - floated on the London Stock Exchange in 2010.

Press Association

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