Boohoo sells Soho office to pay off debt
Boohoo Group has announced that it has completed the sale of its London office for £49.5 million to Global Holdings UK, an independent property fund.
The group said the sale of the property in Soho’s Great Pulteney Street will strengthen the company’s balance sheet.
Part of the proceeds will be used to pay down the remainder of its term loan, which was due for repayment in August 2025. This will leave the business with a £125 million revolving credit facility which Boohoo said is sufficient for its needs going forward.
The group has also announced that Dan Finley has formally joined its board after being appointed as group chief executive in November.
A former JD Sports executive, he previously led Boohoo’s Debenhams online department store.
The news comes after Boohoo announced on Friday that its shareholders had rejected a bid to appoint Frasers Group’s Mike Ashley to its board.
