Boohoo excludes Frasers from shareholder meeting

Boohoo boss Dan Finley is to meet with investors this week, not including Sports Direct owner Frasers Group, as the ongoing spat between the two companies continues.

Finley is understood to be meeting some of the company’s biggest shareholders over the coming days, according to The Times.

However, the meeting is not scheduled to include anyone from Frasers Group, which owns a 27% stake in the fashion firm.

It comes after Boohoo rebuffed claims by Frasers Group of disregarding its shareholders, accusing Frasers of "promoting its own commercial self-interest" at the expense of fellow investors.

The online retailer recently appointed former Debenhams boss Dan Finley as its new CEO, something Frasers said was "rushed".

Frasers had been pushing for Boohoo to install its founder, Mike Ashley, at the helm after the previous CEO stepped down.

Also in October, Boohoo announced plans for a strategic review, sparking speculation about a potential break-up of the business.

Boohoo said it "expects that the ongoing review of options will take several months and the board will update shareholders with full transparency at the appropriate times".

Addressing Ashley’s attempts to become Boohoo chief executive officer, the company said it "has been clear with Frasers that it will only offer a seat for an appropriate non-executive director".

It also pointed to previously expressed governance concerns around appointing Ashley, given that Frasers also holds a significant stake in rival ASOS.

Boohoo said Frasers was using its position as a large shareholder to "promote its own commercial self-interest … at the expense of the other shareholders".