Asos in talks with lenders about hiring restructuring expert - report

Bloomberg cited people familiar with the matter as saying that a number of turnaround professionals held informal talks about a role, which would sit below executive level, but no decision has been made.

Asos’s lenders include Barclays, HSBC and Lloyds Banking Group. The banks are being advised by AlixPartners and Clifford Chance.

Any appointment could potentially provide further support to Asos as it seeks to revive its fortunes after a steep drop in performance since the pandemic, Bloomberg said.

The talks with Asos’s lenders were prompted after Katy Mecklenburgh’s departure was announced, and continued into last week. Although the retailer successfully renegotiated the terms of its £350m revolving credit facility in October, the extension only lasts until 2024 and Asos will need to renew discussions with lenders on the loan again next year.

At 1140 GMT, the shares were down 3.7% at 563.50p.