Britain’s Financial Conduct Authority (FCA) has temporarily suspended the listing of Superdry Plc’s ordinary shares of 5 pence each on request, the fashion retailer said on Wednesday.
The company said its annual results would be delayed and that it had requested the suspension of trading in its shares as it works with its auditor RSM UK Audit LLP.
“The board confirms that the delay is a result of normal procedures taking longer than anticipated during the first year that RSM are auditing the company,” Superdry said in a statement.
The company added it expects to request the listing’s restoration on the release of its annual results before the end of the week.
Superdry had been looking to raise funds since April, battling a cash crunch and subdued demand for its Spring/Summer items amid a cost of living crisis.
Earlier this month, it secured additional funding of up to £25 million ($31.58 million) from restructuring specialist Hilco Capital.
By Eva Mathews; Editor: Janane Venkatraman
UK Fashion Retailer Superdry Secures Fresh Funding
Struggling British fashion brand Superdry said on Monday it has secured additional funding of up to £25 million ($32 million) from restructuring specialist Hilco Capital but faces paying interest of just under 16 percent.