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Boohoo buys London office for £72m in Soho

·Senior City Correspondent, Yahoo Finance UK
·2-min read
Boohoo's new office will house staff from brands including Coast. Photo: Boohoo
Boohoo's new office will house staff from brands including Coast. Photo: Boohoo

Fast fashion retailer Boohoo (BOO.L) has snapped up a new office in central London to give it a major foothold in the capital.

Manchester-based Boohoo said on Tuesday it had bought an office at 10 Great Pulteney Street in London's trendy Soho. The office is located just minutes from major shopping streets including Regent's Street, Oxford Street, and Carnaby Street.

Boohoo has paid £72m ($99m) for the 46,000 square foot office. The building has space for 600 staff, covering product, marketing, technology, and central support teams. The company intends to offer flexible working at the building, in-line with the post-pandemic work plans of many other businesses.

Watch: City of London expects most workers to return

The new Soho office will house staff attached to Boohoo's London-based brands, including Karen Millen, Coast, Oasis, Warehouse, and Debenhams.

Staff from Dorothy Perkins, Burton and Wallis — brands formerly owned by Sir Philip Green's now bust Arcadia Group — will also be based at the site. Boohoo's new offices are just a short walk from Arcadia's old headquarters on the other side of Tottenham Court Road.

Boohoo's move to the area represents a historic changing of the guard in UK retail. Arcadia collapsed last year in part due to a failure to get to grips with the rise of online retail. Boohoo, meanwhile, has grown into a £4.4bn giant by riding the trend.

Boohoo has taken full advantage of Arcadia's collapse, snapping up several of its brands and last week buying a former Arcadia warehouse in Daventry. The deal extends a string of acquisitions by the company, which has expanded rapidly in recent years.

Shares in Boohoo rose 1% in early trade in London on Tuesday.

Watch: Boohoo under renewed pressure