Boohoo has announced a £50m equity placing to fund the development of a substantial new 600,000 sq.ft. distribution centre which will have the capacity to support the fulfilment of its forecast £2bn annual sales. This new development which is expected to get underway in 2018 and be operational in late 2019 comes in addition to a second warehouse extension the online retailer is developing in Burnley which is expected to be up and running early next year.
The business says it expects revenue for the year to February 2018 to rise by 60 per cent rather than the 50 per cent increase it had previously suggested. This follows very strong trading in the three months to 31 May. which came in £120.1 million as a result of growth in all geographic regions. the Nasty Gal brand which it acquired in February had contributed £2.9 million in revenue in the first quarter and work is underway to extend its ranges.
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