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Member Article acquires £1.6m Manchester city centre property

Online fashion retailer has announced the acquisition of a £1.6m property on China Lane in Manchester.

The property, which is close to the fashion brand’s Manchester head office on Dale Street, is currently owned by Jogo Associates Limited Pension Scheme, of which Boohoo’s Joint Chief Executive Officer, Mahmud Kamani, is a beneficiary.

Boohoo has also announced its intention to apply for planning permission to use the building as offices as it plots further expansion.

If planning permission is refused, the online retailer has agreed a put option whereby the company can sell the property to Kamani at the original purchase price.

Commenting on the acquisition, in a statement the company said: “The directors of boohoo (with the exception of Mahmud Kamani, who is deemed not to be independent in connection with this transaction) consider, having consulted with Zeus Capital in its capacity as boohoo’s nominated adviser, that the terms of the transaction are reasonable insofar as shareholders are concerned.”

Zeus Capital Limited acted as advisors on the deal which is payable in cash with 10% due on exchange and the rest to be paid upon completion by the end of February 2016.

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