The search for a new CEO is underway at Boohoo as boss John Lyttle announced his departure after five years at the helm.
John Lyttle, formerly Primark chief operating officer, informed the board of his intention to step down as Boohoo’s CEO this morning.
Boohoo said in a statement that Lyttle would continue to work with the leadership team in the coming months to “ensure a smooth transition” with his successor.
Lyttle said: “Over the last five years I have been proud to lead the group and I believe there is huge potential in this business and I will continue to work with the board to drive value for all shareholders whilst a successor is found.”
Boohoo also announced this morning that it had secured a £222m debt financing agreement.
The agreement includes a £125m revolving credit facility that runs to October 2026 and a £97m term loan that is repayable by August 2025, which it said would provide “the appropriate financing for the next phase of the group’s development”.
Boohoo group executive chairman Mahmud Kamani said: “We are delighted to have agreed a new lending facility which shows the support of our existing banks and their confidence in the group.”
“The business has evolved over the last few years and has an offer that is much wider than our original focus on young fashion. The time is now right to consider options with regard to corporate structure, with the aim of maximising shareholder value,” he added.
The retailer is set to publish its half-year results in early November.
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