Fashion etailer Boohoo is extending its head office space after acquiring a property on Manchester’s China Lane for £1.6m.
The property is in the Piccadilly area, close to Boohoo’s current headquarters on Dale Street.
Boohoo said the property would be used to “extend the head office space available to Boohoo as it expands its business and workforce in the local area to support the company’s growth ambitions”.
The property is currently owned by Jogo Associates Pension Scheme, which counts Boohoo’s joint chief executive Mahmud Kamani among its beneficiaries.
Boohoo must apply for change in use planning permission in order to use it as office space. However, if this is not passed, Boohoo has a put option with Kamani, which allows it to sell the property to him at the original purchase price of £1.6m.
Boohoo reported a 45% overall sales rise in the four months to December 31, with group sales totalling £73.6m.
The etailer’s UK sales climbed 45% to £49.7m, while European sales and international sales rose 33% and 52% respectively.