18th Sep 2026 09:18
(Alliance News) - boohoo Group PLC on Friday said Iain McDonald has returned to the board as chair just seven months after he stepped down as a director, replacing Tim Morris with immediate effect.
McDonald served on the board from June 2017 until February and says it was a "very difficult decision" to leave earlier this year. McDonald is a material investor in boohoo. He holds 1.2 million shares directly and 16.7 million via the New Wave Fund, which is managed by his Belerion Capital Group. His total interest of 17.8 million shares represents just over a 1% stake.
Morris leaves the board immediately after serving on the board since May 2021 and as chair since 2024.
Boohoo also appointed Michael Stewart of Chrysalis Investment Partners LLP and Stephen Roth, the founder of AIM-listed Eagle Eye Solutions Group PLC, as independent non-executive directors with immediate effect.
boohoo said the appointments strengthen the board's capital markets and technology expertise as it moves into the next phase of its strategy, including developing its technology and AI-enabled platform.
McDonald returns to the board as boohoo said the substantive elements of its operational turnaround are complete and its focus is shifting to rebuilding equity value.
In a trading update on Thursday, Boohoo said its turnaround is continuing "at pace", with gross merchandise value of GBP864 million in the six months that ended August 31, up 1.8% from GBP849 million a year before. Growth accelerated to 2.9% in the second quarter from 0.5% in the first, led by a 14% increase at Debenhams, which now represents around 41% of group gross merchandise value.
Adjusted earnings before interest, tax, depreciation and amortisation rose 14% to GBP24 million from GBP21 million a year before, while reported Ebitda swung to GBP20 million in earnings from a GBP3 million loss.
Following the sale of its Sheffield distribution centre for GBP90 million and the Nasty Gal brand for USD16 million, boohoo said its expects net debt to be negligible its financial year-end on February 28.
boohoo shares were down 2.6% to 24.60 pence early Friday in London. The company has a GBP396.8 million market capitalisation.
Rival retailer Frasers Group PLC has a 27% stake in boohoo and last year blocked the company's plan to change its name to Debenhams Group PLC, though it continues to trade as Debenhams.
By Tom Waite, Alliance News editor
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