Property Acquisition

RNS Number : 0447P

boohoo.com plc

15 February 2016

 

For Immediate Release

15 February 2016

boohoo.com plc

("boohoo" or the "Company")

Property Acquisition

boohoo, one of the UK's largest pure-play online, own brand fashion retailers, announces that its subsidiary, boohoo.com UK Limited, has agreed to acquire a property on China Lane, Manchester  for a total consideration of £1.6 million from the Jogo Associates Limited Pension Scheme (the 'Jogo Pension Scheme'). The Jogo Pension Scheme beneficiaries include Mahmud Kamani, boohoo's Joint CEO.

The acquisition price of £1.6 million for the property, which was subject to an independent valuation addressed to the Company, is payable in cash with 10% due on exchange and the balance due on completion which is expected to be by the end of February 2016.

The property being acquired is located close to the Company's head office in Manchester, and will be used to extend the head office space available to boohoo as it expands its business and workforce in the local area to support the Company's growth ambitions.

The Company 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 Kamani which gives the Company the right to sell the property to him at the original purchase price of £1.6m.

The directors of boohoo (with the exception of Mahmud Kamani, who is deemed not to be independent in connection with this transaction) consider, having consulted with Zeus Capital Limited in its capacity as boohoo's nominated adviser, that the terms of the transaction are reasonable insofar as shareholders are concerned.

Enquiries

boohoo.com plc Mahmud Kamani, Joint Chief Executive Carol Kane, Joint Chief Executive Neil Catto, Chief Financial Officer	c/o Buchanan Tel: [phone]
Buchanan - Financial PR adviser Richard Oldworth Helen Chan Gabriella Clinkard Madeleine Seacombe	Tel: [phone] [e-mail]
Zeus Capital - Nominated adviser and joint broker Nick Cowles Andrew Jones John Goold	Tel: [phone] Tel: [phone]
Jefferies Hoare Govett - joint broker Nick Adams Max Jones	Tel: [phone]

About boohoo.com

"24/7 Global Fashion"

Keeping one step ahead of the trends or making a subtle style change is easy with boohoo.com and with up to 100 pieces hitting the site every day and a new collection each week, boohoo.com never stops - it's 24/7 fashion at its best.

From the UK's best kept fashion secret to one of the fastest growing own brand, international e-tailers, boohoo.com has quickly evolved into a global fashion leader of its generation.  Combining cutting-edge, aspirational design with an affordable price tag, boohoo.com has been pushing boundaries since 2006 to bring its customers all the latest looks for less.

www.boohoo.com	www.boohoo.com/newz	fr.boohoo.com
www.boohoo.com/europe	www.boohoo.com/sweden	de.boohoo.com
www.boohoo.com/usa	www.boohoo.com/denmark	it.boohoo.com
www.boohoo.com/canada	www.boohoo.com/norway	nl.boohoo.com
www.boohoo.com/aus		es.boohoo.com

 

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