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Boohoo raises £50m through share listing

Boohoo has successfully raised £50m to fund a new supersized warehouse, through listing almost 23 million shares.

Boohoo announced yesterday that it intended to list the shares in order to raise capital to fund the creation of a 600,000 sq ft super site distribution centre, which aims to provide Boohoo with over £2 billion of net sales capacity.

The equity placing was announced yesterday, and the placing will be formally completed when the shares are admitted to the market on 12 June.

Yesterday it was announced that sales at Boohoo Group for the three months to 31 May soared 106% to £120.1m. Like-for-like sales at Boohoo and PrettyLittleThing jumped 78% for the period, while gross margin slipped to 54.2 % from 56% in 2016.

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