Debenhams’ former owner TPG in talks to revive links with Boohoo debt deal

Debenhams Group, previously Boohoo Group before a March 2025 rebrand, is closing in on securing a £175 million refinancing deal with its former owner, US-based investment firm TPG.

TPG helped take Debenhams private in 2003 before re-floating it three years later and is said to be in advanced talks to provide a big chunk of debt to the retailer’s current owner, according to Sky News.

Precise details, including the ultimate size of the refinancing package and the extent of TPG's contribution, remain unclear.

In 2020, Mike Ashley's Frasers Group was in last-minute talks to save Debenhams after it entered liquidation. However, in January 2021, Boohoo Group swooped in and acquired the Debenhams brand and website for £55 million - but not the stores. By May 2021, all of Debenhams’ physical stores were closed for good.

In April 2021, Boohoo relaunched the Debenhams website, initially focusing on beauty as a major category, before gradually expanding into fashion, homeware, and other lifestyle products.

Then, in June 2023, Frasers Group acquired its first 5% stake in Debenhams owner Boohoo Group, marking the beginning of its strategic investment.

By September 2024, Frasers Group’s stake had increased to 26.19%, and the following month Frasers demanded that Boohoo appoint Mike Ashley as CEO after H1 revenues dropped by 15%.

In November 2024, Frasers urged Boohoo shareholders to vote to appoint Ashley and restructuring expert Mike Lennon as directors at its shareholder meeting on 20 December.

However, Boohoo ignored Frasers’ demands and appointed Dan Finley as CEO. Boohoo offered Frasers Group a seat on its board, but not for Mike Ashley.

By January 2025, Frasers had raised its stake to 27%, but in the same month Boohoo shareholders "overwhelmingly" voted against Frasers Group's request to remove Boohoo founder and Executive Vice Chair, Mahmud Kamani, as a Director.

It was then in March 2025 that Boohoo Group confirmed it was rebranding to Debenhams Group, despite failing to achieve the required support from shareholders - with Frasers Group rejecting the proposal.

In May 2025, Frasers then increased its stake to 28%, and last month Mike Ashley made another attempt to increase his influence over Debenhams Group by offering financial support in debt refinancing.

If a deal is confirmed with TPG it will re-establish the investment firm as a Debenhams stakeholder in another twist in the tale of the one-time British high street giant.