Boohoo Group’s CEO John Lyttle will step down after five years as part of a strategic reorganisation.
- The company secures a £222 million refinancing deal to bolster its future development.
- Boohoo embarks on an exploration to maximise shareholder value by considering corporate structure options.
- A new £125 million credit line and a £97 million term loan have been arranged with existing banking partners.
- Boohoo anticipates stronger performance in the upcoming financial year, amidst current revenue challenges.
Boohoo Group is undergoing significant leadership changes as CEO John Lyttle prepares to exit after a five-year tenure. This decision aligns with the company’s strategic vision to enhance its corporate structure, aiming to unlock and maximise shareholder value in a rapidly evolving market environment.
The organisation has secured a substantial £222 million debt refinancing agreement intended to support its forthcoming development phase. This financial arrangement includes a £125 million revolving credit line due in October 2026, and a £97 million term loan set to mature by August 2025, negotiated with Boohoo’s longstanding banking partners.
Despite recent financial challenges, Boohoo is optimistic about the future. The Group experienced a 7% decrease in gross merchandise value, down to £1.177 billion, and a 15% drop in revenue to £620 million. Additionally, the adjusted EBITDA reduced to £21 million, representing 3.4% of the total revenue.
In the face of these economic hurdles, the company anticipates an improved performance in the latter half of the 2025 financial year. This outlook is supported by projected growth in both gross merchandise value and adjusted EBITDA, particularly within the robust marketplace of Debenhams, which added 5,000 new brands during this period.
Group Executive Chairman Mahmud Kamani expressed his gratitude for John Lyttle’s contributions and leadership, which played a crucial role in forming a talented team poised for sustainable growth. Kamani emphasised the board’s commitment to steering Boohoo in alignment with stakeholder interests.
Boohoo Group’s strategic initiatives and leadership changes position it for potential growth amidst current financial challenges.
