Superdry boss Julian Dunkerton cheered a ‘turning point’ after a £10m rescue plan was approved.
Shares in the High Street fashion chain sky-rocketed 86.3 per cent after it reassured investors it would not go bust.
Superdry had warned of potential insolvency in April but said it hoped to make changes such as rent reductions with landlords and leaving the London stock market.
In fashion: Chief executive Julian Dunkerton and wife Jade Holland Cooper
Co-founder and chief executive Dunkerton, 59, said: ‘This is a crucial next step in our journey and a turning point for the business.’
He said he would be investing a ‘significant amount’ of his own money into ensuring ‘that the business continues to survive over the long term’. The plan means he will go from owning just over 20 per cent of the business to 75 per cent.
Chairman Peter Sjolander said: ‘This is a crucial step towards delivering the restructuring of the business and ensuring that Superdry is in the best possible shape.’
