Latest news with #BoohooGroup
Fashion Network
24-07-2025
- Business
- Fashion Network
Debenhams Group said to be 'close to' £175m refinancing deal but company stays tight-lipped
Boohoo Group -- or Debenhams Group as it's now known -- is close to a new funding deal and it's an interesting one as it will bring the Debenhams brand's former part-owner back into direct dealings with the business. TPG is the investment firm that helped take Debenhams private in 2003 in a £1.7 billion deal that left the department stores chain with more than a billion pounds of debt. Now Sky News has reported that US-based TPG is in talks to provide a big chunk of debt to Boohoo Group -- which is rebranding as Debenhams Group -- with talks on a prospective £175 million deal at an advanced stage. It said a deal could be announced soon but no confirmation has been forthcoming. however on Thursday afternoon, Boohoo/Debenhams issued a stock exchange announcement saying: "Debenhams Group, the online powerhouse in fashion, home and beauty, notes the recent speculation regarding a new debt facility. Shareholders are reminded, that as previously announced, it has in place an existing £125 million RCF [revolving credit facility] which does not expire until October 2026. It continues to review its debt facilities, in the ordinary course of business. Debenhams will provide any further updates as appropriate." TPG's earlier involvement with Debenhams saw the retailer returning to the stock exchange a few years after that 2003 acquisition only to struggle in the last decade and to throw in the towel in 2020 under the weight of its debt and in the face of tough trading during the pandemic. It went into administration (for the second time in just a few years) and was bought by Boohoo Group with all its stores closing as it became online-only. Its new owner bought it at a time when Boohoo itself was riding high on the back of the pandemic-linked online boom. Boohoo's sales were surging and it was a very active buyer of distressed brands. It was clearly a good move because Debenhams has been one of the more successful parts of the wider business since then, even as other parts of the fast fashion empire declined.
Fashion Network
24-07-2025
- Business
- Fashion Network
Debenhams Group said to be 'close to' £175m refinancing deal but company stays tight-lipped
Boohoo Group -- or Debenhams Group as it's now known -- is close to a new funding deal and it's an interesting one as it will bring the Debenhams brand's former part-owner back into direct dealings with the business. TPG is the investment firm that helped take Debenhams private in 2003 in a £1.7 billion deal that left the department stores chain with more than a billion pounds of debt. Now Sky News has reported that US-based TPG is in talks to provide a big chunk of debt to Boohoo Group -- which is rebranding as Debenhams Group -- with talks on a prospective £175 million deal at an advanced stage. It said a deal could be announced soon but no confirmation has been forthcoming. however on Thursday afternoon, Boohoo/Debenhams issued a stock exchange announcement saying: "Debenhams Group, the online powerhouse in fashion, home and beauty, notes the recent speculation regarding a new debt facility. Shareholders are reminded, that as previously announced, it has in place an existing £125 million RCF [revolving credit facility] which does not expire until October 2026. It continues to review its debt facilities, in the ordinary course of business. Debenhams will provide any further updates as appropriate." TPG's earlier involvement with Debenhams saw the retailer returning to the stock exchange a few years after that 2003 acquisition only to struggle in the last decade and to throw in the towel in 2020 under the weight of its debt and in the face of tough trading during the pandemic. It went into administration (for the second time in just a few years) and was bought by Boohoo Group with all its stores closing as it became online-only. Its new owner bought it at a time when Boohoo itself was riding high on the back of the pandemic-linked online boom. Boohoo's sales were surging and it was a very active buyer of distressed brands. It was clearly a good move because Debenhams has been one of the more successful parts of the wider business since then, even as other parts of the fast fashion empire declined.
Fashion Network
24-07-2025
- Business
- Fashion Network
Debenhams Group said to be 'close to' £175m refinancing deal but company stays tight-lipped
Boohoo Group -- or Debenhams Group as it's now known -- is close to a new funding deal and it's an interesting one as it will bring the Debenhams brand's former part-owner back into direct dealings with the business. TPG is the investment firm that helped take Debenhams private in 2003 in a £1.7 billion deal that left the department stores chain with more than a billion pounds of debt. Now Sky News has reported that US-based TPG is in talks to provide a big chunk of debt to Boohoo Group -- which is rebranding as Debenhams Group -- with talks on a prospective £175 million deal at an advanced stage. It said a deal could be announced soon but no confirmation has been forthcoming. however on Thursday afternoon, Boohoo/Debenhams issued a stock exchange announcement saying: "Debenhams Group, the online powerhouse in fashion, home and beauty, notes the recent speculation regarding a new debt facility. Shareholders are reminded, that as previously announced, it has in place an existing £125 million RCF [revolving credit facility] which does not expire until October 2026. It continues to review its debt facilities, in the ordinary course of business. Debenhams will provide any further updates as appropriate." TPG's earlier involvement with Debenhams saw the retailer returning to the stock exchange a few years after that 2003 acquisition only to struggle in the last decade and to throw in the towel in 2020 under the weight of its debt and in the face of tough trading during the pandemic. It went into administration (for the second time in just a few years) and was bought by Boohoo Group with all its stores closing as it became online-only. Its new owner bought it at a time when Boohoo itself was riding high on the back of the pandemic-linked online boom. Boohoo's sales were surging and it was a very active buyer of distressed brands. It was clearly a good move because Debenhams has been one of the more successful parts of the wider business since then, even as other parts of the fast fashion empire declined.
Yahoo
23-07-2025
- Business
- Yahoo
TPG revives Debenhams links with £175m Boohoo debt deal
The London-listed fashion retailer Boohoo Group is close to securing a £175m refinancing boost in a deal that will revive memories of one of Britain's most notorious private equity takeovers. Sky News has learnt that Boohoo, which has been embroiled in a tussle to rename itself as Debenhams, is in advanced talks to secure a significant chunk of debt from TPG, the US-based investment giant. The discussions are said to be close to an agreement, although precise details, including the ultimate size of the refinancing package and the extent of TPG's contribution, were unclear on Wednesday evening. Money latest: If confirmed, it will re-establish TPG as a Debenhams stakeholder more than 20 years after the buyout firm was part of a consortium which delisted it from the London Stock Exchange. In 2003, TPG, CVC Capital Partners and Merrill Lynch Private Equity paid £1.7bn to take the department store chain private in a deal which saddled the retailer with over £1bn of debt. They then relisted it three years later in a flotation which proved to be lucrative for the private equity firms but became a poster-child for the financial engineering adopted by the industry. Debenhams' financial performance deteriorated over the following decade, however, amid rapidly shifting consumer behaviour. In 2019, the company fell into administration for the first time, before collapsing again soon after the start of the COVID pandemic the following year. Boohoo, which saw its own valuation soar as consumer and investor demand soared for online fashion retailers, snapped up the Debenhams brand in 2020. That deal infuriated the Frasers Group tycoon Mike Ashley, who had fought a running battle with the Debenhams board as he attempted to buy the company. Earlier this year, Mr Ashley used Frasers' big minority stake in Boohoo to vote down its plans to change its legal name to Debenhams - although the company is now using the name as its corporate brand. The group's refinancing needs saw it appoint Interpath Advisory earlier this year. In May, the Telegraph reported that Boohoo was talking to expensive high-yield lenders about providing a £50m chunk of debt to the company. TPG and Interpath declined to comment, while Boohoo did not respond to an enquiry from Sky News.
Sky News
23-07-2025
- Business
- Sky News
TPG revives Debenhams links with £175m Boohoo debt deal
The London-listed fashion retailer Boohoo Group is close to securing a £175m refinancing boost in a deal that will revive memories of one of Britain's most notorious private equity takeovers. Sky News has learnt that Boohoo, which has been embroiled in a tussle to rename itself as Debenhams, is in advanced talks to secure a significant chunk of debt from TPG, the US-based investment giant. The discussions are said to be close to an agreement, although precise details, including the ultimate size of the refinancing package and the extent of TPG's contribution, were unclear on Wednesday evening. If confirmed, it will re-establish TPG as a Debenhams stakeholder more than 20 years after the buyout firm was part of a consortium which delisted it from the London Stock Exchange. In 2003, TPG, CVC Capital Partners and Merrill Lynch Private Equity paid £1.7bn to take the department store chain private in a deal which saddled the retailer with over £1bn of debt. They then relisted it three years later in a flotation which proved to be lucrative for the private equity firms but became a poster-child for the financial engineering adopted by the industry. Debenhams' financial performance deteriorated over the following decade, however, amid rapidly shifting consumer behaviour. In 2019, the company fell into administration for the first time, before collapsing again soon after the start of the COVID pandemic the following year. Boohoo, which saw its own valuation soar as consumer and investor demand soared for online fashion retailers, snapped up the Debenhams brand in 2020. That deal infuriated the Frasers Group tycoon Mike Ashley, who had fought a running battle with the Debenhams board as he attempted to buy the company. Earlier this year, Mr Ashley used Frasers' big minority stake in Boohoo to vote down its plans to change its legal name to Debenhams - although the company is now using the name as its corporate brand. The group's refinancing needs saw it appoint Interpath Advisory earlier this year. In May, the Telegraph reported that Boohoo was talking to expensive high-yield lenders about providing a £50m chunk of debt to the company.
