Boohoo offers Frasers a board seat - but only if it's not Mike Ashley or Mike Lennon

Boohoo's board has extended an offer to Frasers for a board seat, but with the stipulation that neither Mike Ashley nor Mike Lennon are the proposed candidates.
In response to Frasers' open letter, Boohoo's board made it "clear to Frasers" that they would not endorse the appointment of either Mike Ashley or restructuring expert Mike Lennon under any circumstances, as reported by City AM.
However, the fast-fashion firm stated its willingness to provide Frasers with a single board seat "if it puts forward an appropriate candidate for the role of non-executive director."
Frasers Group argued in an open letter on Thursday that Boohoo's resistance to Mike Ashley and Mike Lennon joining its board essentially "boils down" to apprehensions that it would "dilute [executive vice chair Mahmud Kamani] influence". Two prominent proxy advisers, Glass Lewis and Institutional Shareholder Services (ISS), have supported Boohoo's concerns about potential conflicts of interest should Ashley and Lennon be appointed.
Frasers, which owns a 28% stake in
Recommend
Boohoo hits back at Frasers after Mike Ashley demands board seat
2025/05/03
2025/05/03
Tui profit soars but shares slide as holiday giant warns growth will slow
2025/05/03
2025/05/03
Owner of UK's favourite crisps brand sees monster sales surge
2025/05/03
2025/05/03
Vitamin giant Vitabiotics sees sales jump towards £200m as profits swell
2025/05/03
2025/05/03
Royal Mail fined £10.5m for 'millions of late deliveries' as Ofcom accuses firm of 'eroding public trust'
2025/05/03
2025/05/03
UK water customers to receive up to £2000 in compensation
2025/05/03
2025/05/03
UK wages surge as unemployment remains steady but Bank of England faces rates decision
2025/05/03
2025/05/03
British American Tobacco says smokeless products gamble is paying off
2025/05/03
2025/05/03
Thatchers vs Aldi: British cider brand seeks to overturn cloudy lemon cider trademark ruling
2025/05/03
2025/05/03
Tyneside car group Wingrove Motor Company bought by national giant Arnold Clark
2025/05/03
2025/05/03