9th Apr 2021 08:29
(Alliance News) - boohoo Group PLC on Friday said it has agreed a long-term lease for a new warehouse in Daventry, Northamptonshire.
The site is set to become operational in the second quarter of the company's financial year ending February. Alongside existing units in Burnley and Sheffield, the Daventry asset will give the AIM-listed fast fashion brand net sales capacity "in excess" of GBP4 billion.
"The new warehouse is scalable, with the group expecting to invest over GBP50 million in the coming years, increasing capacity and offering the group operational flexibility as it grows. The deal is expected to secure up to 500 jobs and in the future create up to a further 1,000 jobs as capacity increases at the site," boohoo said.
boohoo shares were 0.9% lower at 341.62 pence each in London on Friday morning.
A boom in e-commerce has meant retailers have jostled for warehouse space to cope with the increased demand.
ASOS PLC on Thursday said its global infrastructure development plans were "on track". A fit out of a fulfilment centre in Lichfield, Staffordshire has begun and a new US automation is progressing as planned ahead of a launch in roughly two years.
Back in March, Sky News reported JD Sports Fashion PLC was leading the race to buy an Arcadia Group Ltd warehouse, also in Daventry.
By Eric Cunha; [email protected]
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