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.

The group, whose shares have slumped 44 percent this year, raised £11 million in a share placing in May.

Superdry said the facility with Hilco is for a 12-month term with the option to extend and is at an interest rate of 10.5 percent plus the Bank of England base rate on the drawn element.

Last week the BoE raised its key interest rate by a quarter of a percentage point to a 15-year peak of 5.25 percent.

The retailer said the Hilco funding will help drive its turnaround and cost-cutting plans.

The agreement is in addition to its existing £80 million asset-backed lending facility with Bantry Bay Capital Ltd.

Shares in Superdry were down 3.9 percent in early afternoon trading.

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