Superdry’s co-founder and CEO, Julian Dunkerton, is currently in discussions regarding a potential takeover of the struggling fashion brand. Shares in the retail business surged by up to 110% on Friday morning, driven by speculation about the potential takeover. The company informed shareholders that Dunkerton is in talks with potential financing partners to explore a possible offer for the business. Dunkerton, who co-founded Superdry in 2003, already holds around 26% of the business. The discussions are in the early stages, and no final decisions have been reached.

The retail firm, which operates 216 stores globally and employs approximately 3,350 people, emphasized that the talks are preliminary. Earlier in the week, Superdry announced that it was working with advisers to evaluate various “cost-saving options” for the business. Reports suggested the possibility of a restructuring plan or Company Voluntary Arrangement (CVA), which could lead to store closures and negotiations for rent reductions with landlords. In the last financial update, Superdry disclosed a 23.5% decline in revenue to £219.8 million in the six months ending October, with an adjusted loss nearly doubling to £25.3 million.