Boohoo’s Debenhams renaming in danger amid Ashley row

Makes an attempt by Boohoo Group, the net vogue retailer, to vary its London-listed holding firm’s title to Debenhams have been on a knife-edge on Thursday night after the retail billionaire Mike Ashley moved to dam the proposal.

Sky Information has learnt that Frasers Group, the corporate majority-owned by Mr Ashley, has voted its 27% stake in opposition to a decision that might permit the title change to happen.

Jersey-incorporated Boohoo wants two-thirds of voting shareholders to approve the decision at a normal assembly scheduled to happen on Friday morning.

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If it fails to safe the required majority, Boohoo can be compelled to retain its present plc title – which one supply described as “a technicality”.

Boohoo already owns and operates the Debenhams model, which collapsed into administration through the COVID pandemic and which the corporate says has been remodeled right into a profitable on-line market mannequin.

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Frasers and Boohoo have been at loggerheads for months, with Mr Ashley making an attempt, and failing, to get himself appointed to his rival’s board.

He has accused Boohoo of “gross mismanagement”, pointing to the collapse in its share worth during the last 5 years.

In return, Boohoo has argued that Mr Ashley is searching for to realize management of the corporate with out making a traditional takeover supply, and that appointing him as a director can be untenable.

Boohoo has agreed to nominate an alternate, impartial candidate as a consultant of its greatest shareholder as a substitute.

Frasers and Boohoo declined to remark.