FASHIONABLE: cheers market with £560m valuation

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Fashion website has been valued at £560m after a City fundraising delivered a big windfall for its founding family.

The business, which targets the 16 to 24 age range, has secured £300m from investors in a share placing secured ahead of a listing on the London stock market this Friday. Members of the founding Kamani family and other shareholders have received £240m of the proceeds, while some of the remainder will be used to implement a £6.5m improvement plan for its Burnley warehouse.

The Kamani family and other board members will still hold 44 per cent of the company following the placing of 600 million shares.

Boohoo is one of a number of companies making their debut on the London Stock Exchange, with others due to float in the next few days including Pets at Home and Poundland.

A number of companies are considering making their stock market debut, as economic conditions improve.

Founded in 2006 by joint chief executives Mahmud Kamani and Carol Kane, boohoo now has 2.3 million active customers.

Sales rose 70 per cent to £91.9m in the 10 months to December 31.

Yorkshire Post Innovation Network..Pictured from the left are Dr Abdulrahman Altahhan, Greg Wright, Stuart Sherman, Chris Atkinson and Jamie Morgan..21st March 2018 ..Picture by Simon Hulme

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