Boohoo sells London head office and appoints Dan Finley as director
Boohoo Group has sold its London office to independent property fund Global Holdings for £49.5 million, while also announcing the appointment of CEO Dan Finley as a director.
The sale attempts to "further strengthen" the company’s balance sheet, with part of the proceeds being used to pay down its £47 million term loan due for repayment in August next year.
This will leave the business with a £125 million revolving credit facility, which is "sufficient" for its needs going forward.
Boohoo put the building on Great Pulteney Street up for sale in August, just three years after acquiring it for £72 million in 2021.
It has housed up to 500 employees across Boohoo Group’s brands such as Burton, Coast, Debenhams, Dorothy Perkins, Karen Millen, Oasis and Wallis, as well as other product, marketing, technology and central support roles across the business.
Global Holdings Management Group, which develops and manages the real estate assets of Global Holdings Group, will now look to reposition the office and retail space, refurbishing the building to "modern standards with new amenities".
Josh Lawrence, CEO of Global Holdings Management Group UK, said: "We are delighted to have completed the acquisition of another attractive mixed-use building in Soho.
"We are long-term investors in Soho because it is well-connected to public transport, and it is a fun place for people to work: where else do you have such a huge variety of quick lunch options alongside an abundance of bars and restaurants to go out with friends and colleagues after work?
"It is clear that there is a real shortage of high-quality workspace in Soho. We will move quickly to use our in-house design studio and asset management team to turn Frith + Bateman into must-have office and retail space."
Founded in Manchester in 2006, Boohoo Group is concentrated on driving sustainable, profitable growth with technology and automation increasing efficiency across the business.

Dan Finley, CEO at Boohoo Group
The news comes as the company also shares that, further to the announcement on 1 November 2024 of the appointment of Dan Finley as CEO, he is today also formally appointed as a director.
Last week, Boohoo Group confirmed that shareholders "overwhelmingly" voted against the appointment of Mike Ashley and Mike Lennon as directors at the fashion giant.
The decision came after Boohoo Group had been subject to a campaign by Ashley to get himself installed as CEO. This was cut short when Boohoo appointed Dan Finley, former boss at Debenhams, which is owned by the group, in November.
Ashley then tried to get a seat on the board instead, alongside restructuring expert Mike Lennon, which Boohoo also resisted.