The co-founder and boss of Superdry is hoping to buy back the struggling fashion brand as it considers store closures after a slump in sales. Julian Dunkerton, who owns a 20% stake, is in talks with potential partners to fund a cash offer for the company, which is valued at about £40m on the stock market. Rumours of a possible offer for Superdry increased this week after it emerged that the Norwegian hedge fund First Seagull had bought a 5.3% stake in the hope of a buyout. Shares in the retailer jumped about 80% on Friday. Companies such as the Ted Baker owner Authentic Brands, and Next, which owns Joules, FatFace and Reiss, are possible backers for Dunkerton. The private-equity firm Sycamore Partners, which considered buying Ted Baker and previously owned Kurt Geiger, is another potential contender. Dunkerton has, meanwhile, held talks with the investment firm Rcapital and the restructuring specialist Gordon Brothers, the owner of Laura Ashley, according to Sky News. Dunkerton’s attempt to take Superdry private comes after the value of the company slumped more than 60% in the past year, as wholesale sales dived after exiting the US and many of its department store partners have closed or scaled back their operations. A warm autumn and winter also left the group with piles of unsold coats. Dunkerton co-founded Superdry in 2003 as a market stall in Cheltenham, growing it into one of the most successful names on the UK high street, selling T-shirts, jeans and coats. However, the business, which floated on the stock market in 2010, lost its way after Dunkerton left in 2018 before forcing his way back in a 2019 boardroom coup. Superdry confirmed that it had agreed to allow Dunkerton to start discussions with possible backers about a deal after its share price more than doubled on Friday morning. He has until 1 March to make an offer or stand down under Takeover Panel rules. The retailer said: “These discussions are at a preliminary stage and no decisions have been made.” Superdry, which has about 3,350 staff and more than 215 stores, said it was continuing to draw up plans with newly appointed advisers for cost-saving measures, including possible store closures and job cuts, which were announced on Monday. That came on top of £40m of cost cuts announced last week when the company reported that sales had dropped by nearly a quarter in the six months to October. Superdry also parted ways with its fourth finance director in five years as losses widened. Shaun Wills, who has been in the role for three years, is leaving the business and being replaced next week by the interim finance boss, Giles David, who previously worked at the struggling businesses McColl’s and the Casual Dining Group, both of which fell into administration.