Register to get free articles
Want unlimited access? View Plans
Already have an account? Sign in
Mike Ashley, the founder of Frasers Group, is reportedly “all in” to take up the post of CEO at Boohoo and begin a turnaround plan, according to The Sunday Times.
It comes after Frasers Group began acquiring Boohoo shares in June 2023. The group currently holds a 27% stake in the fast fashion retailer.
Ashley told The Sunday Times: “I’m ready to dedicate my time and effort – including basing myself in Manchester as much as I deem required – to turn Boohoo around and deliver value for all shareholders.”
“The focus here needs to be on urgent and decisive action to sort out the mess that Boohoo is in after suffering serious mismanagement.”
He added: “The resignation of their CEO and the announcement of a disastrous refinancing was the final straw.”
It comes as Frasers last week urged Boohoo to appoint Ashley as CEO, after slamming the “continued incompetence” of the current Boohoo board amid an “abysmal” trading performance.
According to Frasers, the terms of the £222m debt refinancing deal that Boohoo signed earlier this October was also “wholly unsatisfactory” and a “step backward for the company and an appalling outcome for shareholders”.
However, Boohoo maintained that the characterisation of the deal, which also extended its loan repayment by several months and a £97m debt repayable in 10 months, was “inaccurate and unfair”.
