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Boohoo buys property in Manchester for £1.6 million

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Staff writer ▼ | February 16, 2016
Boohoo, a UK brand fashion retailer, said that its subsidiary, UK Limited, has agreed to acquire a property on China Lane, Manchester for £1.6 million from the Jogo Associates Limited Pension Scheme.
Spreading   A property on China Lane was sold to
The Jogo Pension Scheme beneficiaries include Mahmud Kamani, boohoo's Joint CEO.

The acquisition price of £1.6 million for the property, which was subject to an independent valuation addressed to the company, is payable in cash with 10% due on exchange and the balance due on completion which is expected to be by the end of February 2016.

The property being acquired is located close to the Company's head office in Manchester, and will 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 company intends to secure planning permission for office use of the property. In the event that it is unable to do so, the company has a put option with Mahmud Kamani which gives the company the right to sell the property to him at the original purchase price of £1.6m.