Boohoo has sold its London head office, a significant move aimed at enhancing financial stability.
- The six-storey building at 10 Great Pulteney Street was sold for £49.5 million to Global Holdings Group.
- Originally purchased for £72 million in 2021, the sale helps Boohoo reduce its existing term loan.
- The office accommodates 400-500 employees across various Boohoo brands.
- Global Holdings aims to improve the building’s amenities to attract talent.
Boohoo, a prominent fashion retailer, has finalized the sale of its London head office located at 10 Great Pulteney Street for £49.5 million. This key transaction with Global Holdings Group is expected to bolster Boohoo’s financial position by aiding the repayment of a £47 million term loan due next August.
Acquired by Boohoo in 2021 for £72 million, the building’s sale comes just two years later. Despite the lower sale price, the decision aligns with Boohoo’s strategy to strengthen its balance sheet. The office space spans six stories and houses between 400 and 500 employees involved in various roles, including product development and marketing across brands such as Burton and Debenhams.
The building’s new owner, Global Holdings Group, expressed its plans to manage and enhance the property. Josh Lawrence, the UK Chief Executive of Global Holdings Group, stated that the building’s management would focus on providing top-notch amenities and fostering a workspace conducive to attracting and maintaining talented personnel.
Interestingly, this transition follows a setback when a prior deal with an Israeli investor worth £60 million fell through. This was due to concerns raised during a survey. However, Boohoo has proceeded with its current arrangement, signaling a forward-focused business approach.
Global Holdings Group is excited to add the 10 Great Pulteney Street property to its portfolio, leveraging its prime location and existing infrastructure. Plans to utilize their in-house design and asset management teams reflect their commitment to maintaining high workspace standards.
The sale of the office signifies Boohoo’s strategic move to fortify its financial health while ensuring continuity for its workforce.
