Boohoo buys new Soho office for £72m

Fast fashion retailer Boohoo has bought a new office in Soho for its London-based brands for £72m.

"Since acquiring the Karen Millen and Coast brands in 2019, the group's presence in London has grown significantly through organic means and more recently through the acquisitions of the Oasis, Warehouse, Debenhams, Dorothy Perkins, Burton and Wallis brands," it said.

The new office will become home for all of its London-based product, marketing, technology and central support teams. Boohoo, which was rocked last year by a scandal over working conditions and pay at some of the factories it was using, said the new office will offer flexible working for around 600 of its employees.

Broker Numis said: "We forecast Boohoo to end FY21 with circa £240m of net cash, leaving plenty of room to fund this from existing reserves."