Senior directors of Boohoo have been buying up shares in the fast-fashion retail group less than a day after the news that PwC had stood down as its auditor sent prices tumbling.
Most prominent was the group’s co-founder and executive chair Mahmud Kamani who bought up more than 300,000 shares, increasing his ownership stake in the business to 12.6%, according to The Times.
The retailer’s chief financial officer Neil Catto and his wife bought close to 60,000 shares between them, while deputy chair Brian Small snapped up over 10,000 shares.
This run on the shares occurred following the news that PwC had stepped down as Boohoo’s auditor over the weekend due to concerns over the retailer’s corporate governance. As a result, the share price dipped 1.5%.
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