ASOS recruits company doctor for turnaround - report

Online fashion retailer ASOS has reportedly drafted in a leading company doctor amid pressure from its lenders about the state of its balance sheet.

According to Sky News, Scott Millar, a senior managing director at professional services firm Ankura, has been appointed to join the company’s finance department.

A source close to the company told Sky that Millar would become interim director of finance projects, although several insiders suggested that he would play a significant role as it seeks to strengthen its financial position.

A former chief restructuring officer (CRO) at outsourcing group Interserve, which collapsed into administration in 2019, Millar has worked at a number of leading insolvency practitioners.

Among his former employers was AlixPartners, which has been advising ASOS's lenders on their exposure to the company in recent months, Sky noted.

One person close to ASOS denied that Millar's role would be akin to that of a conventional CRO.

At 1340 GMT, the shares were up 3.6% at 806p.