Boohoo has agreed to acquire a property on China Lane in Manchester for £1.6m, which it will use to extend its head office.
The property is currently owned by Jogo Pension Scheme, whose beneficiaries include Boohoo’s joint chief executive Mahmud Kamani.
Boohoo intends to secure planning permission to use the building as office space. If it fails, the etailer has a put option with Kamani, which gives it the right to sell the property to him at the original purchase price of £1.6m.
Boohoo’s existing head office is on Dale Street.
“The [new] property will be used to extend the head office space available to Boohoo as it expands its business and workforce in the local area to support its growth ambitions,” the etailer said.
The acquisition is payable in cash with 10% due on exchange and the balance due on completion, which is expected to be by the end of February.