Latest news with #DebenhamsGroup
Fashion Network
21-05-2025
- Business
- Fashion Network
Revolution Beauty gets takeover approach, puts itself up for sale
Revolution Beauty had another twist to add to its long saga of business ups and downs on Wednesday, announcing that it has received a possible takeover offer, that it's making a big board change and that it's kicking off a formal sale process. So where do we start? Perhaps the possible offer is the best place. It said it can 'confirm that it has received a preliminary approach regarding a possible offer for the entire issued and to be issued share capital of the company'. That came after its 13 May announcement that it was 'reviewing its funding structure and in light of this [was] exploring discussions in respect of support for an equity raise from its key shareholders'. Against this background and to 'widen its strategic options, the board has now unanimously concluded that it would also be appropriate to investigate the sale of the company and therefore has decided to commence a formal sale process'. The unnamed party that made the approach has agreed to participate in that, although there's no guarantee it will result in a sale. But in order to support that process, it announced that Iain McDonald will be appointed as non-executive chair and that current chair Alistair McGeorge is standing down from the board. McDonald 'has significant PLC experience as a non-executive director, including in takeover situations, and is considered by the board to have the right skills to oversee the immediate strategic steps of the company'. He's currently a non-executive director of Debenhams Group. As for the sale process, the board is inviting 'expressions of interest from parties regarding a potential offer' before 11 June. Of course, the announcement raises as many questions as it answers. Why has McGeorge — a Debenhams Group (formerly Boohoo Group) appointee — stepped down? Where does Debenhams Group stand as it holds a more-than-27% stake in the firm? And is the appointment on a non-exec chair who's also a non-exec at Debenhams significant? It's intriguing that McDonald is also executive chairman of Selkirk and was previously a non-executive director of e-tail giant THG. Last month THG rejected a takeover approach by Selkirk for its MyProtein business, saying it was 'wholly unsolicited, largely unfunded, highly conditional and non-binding'. We're not likely to get answers to those question for a while with Revolution simply saying on Wednesday that 'further announcements will be made as appropriate'.
Fashion Network
21-05-2025
- Business
- Fashion Network
Revolution Beauty gets takeover approach, puts itself up for sale
Revolution Beauty had another twist to add to its long saga of business ups and downs on Wednesday, announcing that it has received a possible takeover offer, that it's making a big board change and that it's kicking off a formal sale process. So where do we start? Perhaps the possible offer is the best place. It said it can 'confirm that it has received a preliminary approach regarding a possible offer for the entire issued and to be issued share capital of the company'. That came after its 13 May announcement that it was 'reviewing its funding structure and in light of this [was] exploring discussions in respect of support for an equity raise from its key shareholders'. Against this background and to 'widen its strategic options, the board has now unanimously concluded that it would also be appropriate to investigate the sale of the company and therefore has decided to commence a formal sale process'. The unnamed party that made the approach has agreed to participate in that, although there's no guarantee it will result in a sale. But in order to support that process, it announced that Iain McDonald will be appointed as non-executive chair and that current chair Alistair McGeorge is standing down from the board. McDonald 'has significant PLC experience as a non-executive director, including in takeover situations, and is considered by the board to have the right skills to oversee the immediate strategic steps of the company'. He's currently a non-executive director of Debenhams Group. As for the sale process, the board is inviting 'expressions of interest from parties regarding a potential offer' before 11 June. Of course, the announcement raises as many questions as it answers. Why has McGeorge — a Debenhams Group (formerly Boohoo Group) appointee — stepped down? Where does Debenhams Group stand as it holds a more-than-27% stake in the firm? And is the appointment on a non-exec chair who's also a non-exec at Debenhams significant? It's intriguing that McDonald is also executive chairman of Selkirk and was previously a non-executive director of e-tail giant THG. Last month THG rejected a takeover approach by Selkirk for its MyProtein business, saying it was 'wholly unsolicited, largely unfunded, highly conditional and non-binding'. We're not likely to get answers to those question for a while with Revolution simply saying on Wednesday that 'further announcements will be made as appropriate'.
Fashion Network
11-05-2025
- Business
- Fashion Network
Boohoo in talks on £175 million debt package, Telegraph says
Boohoo Group Plc, which recently rebranded itself as Debenhams Group, is in talks about a debt package of as much as £175 million ($232 million), the Telegraph reported Saturday. The discussions come as the British fast-fashion retailer faces a new financial squeeze amid tensions with Mike Ashley 's Frasers Group Plc, which owns just over 29% of the company and previously attempted to remove its executive chairman. Boohoo has held talks about tapping the so-called high-yield loan market for £50 million, the newspaper reported, citing people familiar with the matter who weren't identified. The remaining £125 million is expected to come from refinancing an existing two-year loan taken out in October, according to the Telegraph.
Bloomberg
10-05-2025
- Business
- Bloomberg
Boohoo in Talks on £175 Million Debt Package, Telegraph Says
Boohoo Group Plc, which recently rebranded itself as Debenhams Group, is in talks about a debt package of as much as £175 million ($232 million), the Telegraph reported Saturday. The discussions come as the British fast-fashion retailer faces a new financial squeeze amid tensions with Mike Ashley's Frasers Group Plc, which owns just over 29% of the company and previously attempted to remove its executive chairman.
Asharq Al-Awsat
28-03-2025
- Business
- Asharq Al-Awsat
Boohoo Pushes Ahead with Debenhams Rebrand despite Frasers' Opposition
British online fashion retailer Boohoo said on Friday it would rebrand as Debenhams Group even though opposition from top shareholder Frasers meant the name change for its holding company did not get shareholder approval. At a general meeting, 62.04% of votes cast supported the official name change, falling short of the required 66% of votes, the company said. "This general meeting was only related to the technical name change of the ultimate holding company," the company told Reuters in an email. "While this will now remain the same, the company is absolutely moving forward as Debenhams Group." Boohoo had announced its rebranding earlier this month. Frasers, which owns just over 29% of Boohoo shares based on LSEG data, voted against the resolution. Frasers, majority-owned by British retail tycoon Mike Ashley, in January unsuccessfully tried to oust Boohoo's co-founder from the board, and the companies have been involved in a long-running corporate tussle. Boohoo, boosted by an online shopping surge during the coronavirus pandemic, has been facing supply chain issues, weak demand and stiff competition from e-commerce firms such as Shein and Temu. The company has said it sees the Debenhams brand having the potential to achieve multi-billion pound gross merchandise value in the medium term. In March, Boohoo appointed Phil Ellis, Debenhams' finance director, as its CFO, following the appointment of Dan Finley as the group's CEO late last year.
