Founders lose £20mil­lion in Su­perdry coup

Daily Mail - - City & Finance - by Han­nah Ut­t­ley

THE founders of Su­perdry have seen the value of their hold­ings fall more than £20m in just two days after stag­ing a board­room coup.

Ju­lian Dunker­ton and James Holder, who still own 28.1pc of the fash­ion chain they set up in 2003, were ham­mered as shares fell 8.8pc on Tues­day and an­other 7.8pc yes­ter­day.

The sell-off came as the pair led a share­holder re­volt that saw Dunker­ton and for­mer Boohoo chair­man Peter Wil­liams elected to the board in a knife-edge vote.

Hav­ing left last year, Dunker­ton watched as sales and prof­its fell un­der Euan Suther­land, his suc­ces­sor as chief ex­ec­u­tive. But the 54- year- old’s re­turn on Tues­day trig­gered a board ex­o­dus, with eight of nine di­rec­tors quit­ting.

The fall in share price saw Dunker­ton’s 18.4pc stake plunge in value by £13.2m to £70m. Holder, 47, took a £6.9m hit on his 9.7pc stake, which is now worth just un­der £37m. Dunker­ton, who is mar­ried to de­signer Jade Hol­land Cooper, 32, has promised to re­store Su­perdry to its ‘for­mer glory’.

He ex­pects to take four months to turn around fall­ing on­line sales, but ad­mit­ted it could take two years for plans to fully bear fruit. He is likely to axe the chil­drenswear range and re­verse a de­ci­sion to shift pro­duc­tion to the Far East.

An­a­lysts felt in­vestors were ner­vous about his prospects.

Si­mon French, chief econ­o­mist of Pan­mure Gor­don, said: ‘There is a con­cern that what is quite a tired brand is go­ing to strug­gle even un­der a favoured founder.’

And re­tail ex­pert Richard Hy­man said: ‘It is in a vastly over­crowded mar­ket and that means no re­tailer now can really repli­cate the kind of per­for­mance it was able to de­liver when it was less crowded. The idea of it go­ing back to the way it was, with the mar­gins it used to de­liver, is very fan­ci­ful.’

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.