Boohoo has agreed on a new debt facility with a consortium of its existing relationship banking group. As part of the deal, the fashion retailer will receive a ￡125m revolving credit facility that runs to October 2026 and a ￡97m term loan that is repayable by August 2025.

Boohoo Group executive chairman Mahmud Kamani remarked: "We are delighted to have agreed a new lending facility which shows the support of our existing banks and their confidence in the Group. The business has evolved over last few years and has an offer that is much wider than our original focus on young fashion. The time is now right to consider options with regard to corporate structure, with the aim of maximising shareholder value."

Boohoo CEO John Lyttle's exit after five years

Boohoo announced that CEO John Lyttle informed the board of his intention to step down from the post after five years. He will continue to work with the leadership team and board over the coming months whilst a successor is found and to ensure a smooth transition.

Lyttle said: "Over the last five years I have been proud to lead the group and I believe there is huge potential in this business and I will continue to work with the board to drive value for all shareholders whilst a successor is found."

Executive chairman Kamani added that the board is focused on ensuring it takes the right steps to drive Boohoo Group in the interest of all its stakeholders, acknowledging Lyttle's contribution to the group he stated: "John has built a talented and inspiring leadership team who will ensure we are best positioned for sustainable growth."

Strategic review on the cards for Boohoo

While the fashion retailer dabbles with all these changes, it is also looking at maximising shareholder value through a strategic review.

Boohoo's board believes the group remains "fundamentally undervalued" following the developments of recent years, which have created a business with five core brands that tap a diverse global customer base, including Debenhams, PrettyLittleThing, boohoo, boohooMan and Karen Millen.

Notably, Boohoo has already executed on a series of decisive and robust strategic initiatives to "drive operational efficiencies and optimise the cost base" over the last 18 months.

Moreover, substantial strategic progress has been made including the reinvigoration of the Debenhams and Karen Millen brands. This includes the successful implementation of the Debenhams marketplace strategy with plans to extend the marketplace model across all the brands.