Boohoo CEO to leave amid strategic review and new debt deal

Boohoo has announced that its CEO John Lyttle is set to step down after five years in the role.

He will continue to work with the leadership team and board over the coming months whilst a successor is found.

It comes as the retailer has secured a £222m debt refinancing agreement to support its “next phase of development”.

The new debt facility includes a £125m revolving credit line, set to mature in October 2026, and a £97m term loan due by August 2025.

This comes as the company saw its revenues drop 15% to £620m for the six months ended 31 August 2024.

Alongside this, the company posted an adjusted EBITDA of £21m, representing 3.4% of its revenue, as well as a gross merchandise value (GMV) of £1.177bn, a fall of 7%.

Boohoo stated that it anticipates improved performance in the second half of its 2025 financial year, driven by expected growth in GMV and adjusted EBITDA.

Mahmud Kamani, group executive chairman, said: “The board is focused on ensuring it takes the right steps to drive Boohoo Group in the interest of all its stakeholders. We are delighted to have agreed a new lending facility which shows the support of our existing banks and their confidence in the group.

“The business has evolved over the last few years and has an offer that is much wider than our original focus on young fashion. The time is now right to consider options with regard to corporate structure, with the aim of maximising shareholder value.”