FRP Advisory, the administrators for Debenhams has confirmed that boohoo group plc has signed an agreement to buy the Debenhams brand and other business assets including all the in-house brands and websites for £55 million. 

This acquisition will allow a new Debenhams-branded business to emerge under its new ownership, including an online operation and the opportunity to secure an international franchise network that will operate under licence using the Debenhams name. The transaction does not affect Magasin du Nord in Denmark, which continues to operate independently. The transaction will take full effect following the completion of the current stock liquidation programme, which is continuing online. It has been announced that all Debenhams' UK stores will be permanently closed. 

Geoff Rowley, Joint Administrator and Partner of FRP Advisory, said: "I expect that the agreement with boohoo may provide some job opportunities but we regret that this outcome does not safeguard the jobs of Debenhams’ employees beyond the winding down period. We are very grateful that they have worked tirelessly through this very challenging period and will continue to support the closing down sale. I’d also like to thank the management team, who have worked very hard throughout to protect the business and support us in delivering the best outcome for stakeholders.”