Superdry number two suddenly quits fashion chain

SUPERDRY number two Nick Gresham suddenly quit the business today, an unexpected move that was not explained by the company.

The fashion chain is in the midst of an overhaul led by founder and recently returned CEO Julian Dunkerton.

Gresham, paid £391,000 last year, “has decided to step down from its Board as Chief Financial Officer with immediate effect. A search for a permanent replacement will start while interim arrangements are put in place.”

Advisers insisted the move was amicable but did not elaborate.

Dunkerton said in a statement to the City. “Nick joined Superdry at a time of significant change and challenge in the business. He has played an important role in putting the Company in a stronger position than it was before he joined and helped to steer Superdry through the impact of the COVID pandemic. I would like to personally thank Nick for all his efforts in supporting me, the Company and all our stakeholders. I wish him all the best for the future."

Superdry shares fell 6% to 142p, which values the business at £117 million. The stock was towards 2000p two years ago.

The company arranged a new £70 million finance deal with banks in August as sales tumbled and it fights to keep stores open.