Asos to pour £90m into Staffordshire fulfilment centre

ASOS

434.60p

17:15 27/12/24

0.60%

2.60p

Online fashion retailer Asos plans to invest £90.0m in a new fulfilment centre in Staffordshire and as it aims to create 2,000 jobs at the site over the next three years.

General Retailers

4,657.57

16:35 27/12/24

0.00%

4,657.57

Asos' new 437,000 square foot warehouse at Fradley Park in Lichfield was projected to open within the next 12 months, with the site set to be fully operational by 2023.

Alok Sharma, the Secretary of State for Business, Energy and Industrial Strategy, branded Asos a "great British success story".

"This job-creating investment in Lichfield is exactly the type of long-term commitment we need from businesses as we build back better from the pandemic," Sharma added.

Back in October, Asos revealed that it had seen annual profits more than quadruple on the back of cost-cutting measures and customers returning fewer items amid the Covid-19 pandemic.

Chief executive officer Nick Beighton said: "This significant investment in infrastructure and large-scale job creation is a reflection of the confidence Asos has in its future and the quality of the skills and talent available in this well-placed location."

As of 0930 GMT, Asos shares were up 2.03% at 5,228.0p.