Struggling British fashion brand Superdry is said to be in advanced talks to raise about £15 million ($18.9 million) by the sale of shares in the business, Sky News has reported.

The cash call could be unveiled as soon as the first week of May, the report added. However, Superdry declined to comment, when contacted by Reuters.

The apparel retailer and wholesaler had said in April that it had been considering a potential equity raise of up to 20% backed by founder and CEO Julian Dunkerton as it continues to work on its turnaround in the face of a very tough economic and consumer spending backdrop.

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One investor said the cash call was likely to be worth more than £10 million and possibly closer to £15 million, according to the Sky News report.