Fast fashion retailer Boohoo puts £72million London office up for sale months after companies losses were revealed to have jumped to £160million

Fast fashion retailer Boohoo has put its £72million London office up for sale, just months after it was revealed the firm’s losses had jumped to £160million. 

The clothing company is open to offers of around £60million for the building at 10 Great Pulteney Street in Soho, according to The Telegraph.

But any deal would include a sale-and-leaseback agreement which would see Boohoo occupy the building for five years, according to market sources. 

It comes just three years since the troubled group splashed out £72million on the site saying it was ‘intended to become home for all London-based product, marketing, technology and central support teams, offering flexible working for approximately 600 of our colleagues’.

Since then Boohoo has seen its losses spiral to £160million and sales dip by nearly a fifth, while in May more than 1,000 jobs were axed.  

Fast fashion retailer Boohoo has put its £72million London office in Soho (pictured) up for sale, just months after it was revealed the firm’s losses had jumped to £160million

Love Island’s Olivia Hawkins and Demi Jones attend attend the launch party in March for co-star Molly Smith’s collaboration with Boohoo 

It comes just three years since the troubled group splashed out £72million on the site saying it was ‘intended to become home for all London-based product’

The group reported pre-tax losses of £159.9 million for the year to February 29, against losses of £90.7 million the previous year. 

Revenues tumbled 17 per cent to £1.5 billion, which the firm blamed on its ‘increased focus on profitability and difficult market conditions’.

While the group saw improved trading of its core brands – boohoo, boohooMAN, PLT, Karen Millen and Debenhams – they had a decline in sales by gross merchandise value (GMV) across these brands paring back from 9% in the first half to 4% in the final six months.

The group said it was aiming for GMV growth in 2024-25 and is on track for annual cost savings of £125 million. 

Chief executive John Lyttle said at the time: ‘Despite difficult market conditions, caused by high levels of inflation and weakened consumer demand, we made continued progress in the year.

‘The group is now well positioned to return to growth, and we are focused on ensuring that growth is both sustainable and profitable.’

The group revealed plans in January to close its Leicester factory and relocate operations, although it said this was not connected with the probe.

Around three years previously, the company overhauled its ethical practices after a supply chain scandal and allegations over factory staff pay and working conditions