Retailer Boohoo takes step closer to £150m automated warehouse

Boohoo, the Manchester-based online fashion retailer, has raised £50m towards a new £150m automated central warehouse.

Shares in the company soared today after it announced the fundraising together with sales up more than 100 per cent in the last quarter to £120m.

Last month SHD reported that Boohoo were in talks for a 350,000 sq ft unit in an off-market deal. They were understood to have extended their search beyond the North West into Yorkshire and the Midlands.

This would not be the first time Boohoo has acted off-market. In 2015 it agreed another off-market deal acquiring a 113,000 sq ft Burnley warehouse for £1.7m.

The Burnley property is immediately adjacent to its global distribution hub, which has seen a £14m warehouse extension.

It is understood that the retailer favours a Yorkshire location if it opts for new build.