Online fashion retailer Boohoo has secured a property in the Northern Quarter, and has plans to extend its head office space.
Subsidiary boohoo.com UK has agreed to acquire a property on China Lane, close to its Dale Street head office, from the Jogo Associates Limited Pension Scheme. The new acquisition is going to cost the company £1.6m. Boohoo’s joint chief executive, Mahmud Kamani, is a beneficiary of the Jogo Pension Scheme.
Boohoo intends to secure planning permission for office use of the property. In the event that it is unable to do so the company has a put option with Mahmud, which gives it the right to sell the property to him at the original purchase price of £1.6m.
The company has told investors that the property will be utilised to extend the head office space available as it plans to expand its business and workforce in the local area, and to support the company’s growth ambitions.
Boohoo floated in 2014 with a market capitalisation of £560m – the largest AIM listing since 2006, in terms of both market capitalisation and equity raised.
The rapidly evolving company recently reported a 45% surge in revenue for the last 4 moths of 2015, with 10-month sales totalling £164.4m. Completion of the property is expected to be by the end of February 2016.
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