A Boohoo Group spokesperson explained the company regularly reviews its ways of working to ensure it is “operating as effectively and efficiently as possible”.
The spokesperson was also keen to add that Boohoo Group’s supplier payment terms are “highly competitive”.
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The update to Boohoo’s supplier terms follows the company’s general meeting in December, which saw its shareholders vote overwhelmingly against resolutions tabled by Frasers Group to appoint its own Mike Ashley and Mike Lennon as directors.
Tim Morris, Independent Non-Executive Chair of Boohoo Group, said at the time of the general meeting: “I would like to thank our shareholders for their support of the board. We remain focused on delivery of our business review with the objection of unlocking and maximising value for all shareholders.
Dan Finchley, CEO of Boohoo, added: “Our group is a dynamic business, with great brands and extremely talented people, underpinned by best-in-class infrastructure. Since my appointment, I have hit the ground running, taking immediate and decisive actions to maximise and unlock value for all shareholders.
“I am super energised to realise the significant opportunities I see for this business. I continue to believe this group is materially undervalued. Our most important work is ahead of us, and we will drive value for all shareholders.”
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By GlobalDataUK retail conglomerate and Boohoo shareholder Frasers Group has confirmed it will propose an alternative board candidate in due course.
Boohoo Group finalised the divestiture of its Soho-based London office situated on Great Pulteney Street last month (December). Global Holdings UK, a standalone real estate fund, acquired the site for a total cash transaction of £49.5m ($61.36m).
A portion of the capital received from this sale will be allocated towards fully settling the outstanding balance of a term loan scheduled for maturity in August 2025.
Post-repayment, the group will maintain access to a £125m revolving credit facility, which it deems as adequate for its prospective requirements.
