Tue, 18 Jun 2013 | BUSINESS SALE
Online clothing retailer Boohoo is thought to be considering selling its business following news of solid growth.
Reports from the Independent revealed that private equity and advisory firm Zeus Capital has been hired to help the company explore its strategic options, included among these is a sale. The paper also found suggestions that Zeus Capital's private equity arm is an investor in Boohoo, although this could not be verified.
Based in Manchester, Boohoo was established seven years ago but has only recently come into play as a major competitor within the market. Asos remains its strongest rival and Boohoo's revenues are dwarfed by those of its competitor, although Boohoo did manage to claim the 'Best Online Retailer' award from ITV's Lorraine's High Street Fashion Awards.
The firm has managed to grow its pre-tax profits a noteworthy 79 per cent to £248,790 in the year to the end of February 2012. Its latest posted accounts also show that sales are up to £29 million.
The business was started by its current chief executive, Mahmud Kamani, who established the business with co-chief executive Carol Kane in 2006. It has about 500 employees at the moment.
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