Windfalls in fashion as firms share out
Mar 13 2010 by Iain Laing, The Journal
THE bosses of streetwear fashion firm SuperGroup are in line for a £105m payout after its share offering priced the firm at £395m.
SuperGroup – whose designs have been worn by stars such as David Beckham – is floating nearly a third of the firm to allow directors to gain a return on their investment as well as raise £15m to fund growth.
Chief executive and founder Julian Dunkerton will gain the lion’s share of the payout, although partners James Holder and Theo Karpathios will also benefit.
Mr Dunkerton’s stake will be reduced from 53% to 30% as a result of the move, valuing his share of the business at £118m.
Educational whiteboards firm Promethean also confirmed a launch price today, which values the business at around £400m.
The group is selling 46.4% of the firm through the issue of new shares as well as private equity firm Apax selling its 25% stake.
The move will leave 10.4% of shares in the hands of senior directors although staff at its headquarters in Blackburn will learn next week the scale of their own windfall. Staff are likely to gain shares ranging from hundreds of pounds in value to several thousands depending on length of service, with cash payouts for its Chinese workforce.
Today’s share offers were heavily oversubscribed, the companies said. Promethean’s shares will begin trading on Wednesday and SuperGroup a week later on March 24. The moves come after recent major floats, such as fashion chain New Look were put on hold due to market turbulence.
Mr Dunkerton built up the SuperGroup business from a market stall in Cheltenham more than 20 years ago into a chain with 40 stores and 54 concessions in House of Fraser.
Mr Holder is the group’s brand and design director who started the Bench clothing label, while Mr Karpathios is the group’s wholesale and international head.
Promethean founder Tony Cann will be left with a 39.6% stake in the business, valued at around £160 million by the float. He oversaw the production of the group’s first whiteboards more than ten years ago. He led the group until July 2005 before handing over to current chairman Graham Howe after Apax’s investment in the business.
