ASOS has refinanced its debt with a new £237.5m loan package, giving the online fashion retailer more flexibility and a stronger financial position as it moves into the final stage of its turnaround plan.

The new agreement includes a £150m term loan and an £87.5m delayed draw term loan (DDTL) from a group of private lenders.

The five-year deal runs until November 2030 and increases the online fashion retailer’s available liquidity by £87.5m.

It is understood it will also reduce annual cash interest costs by around £5m compared with its previous Bantry Bay facility.

ASOS said the refinancing shows the progress made through its multi-year turnaround programme, which has focused on building a more profitable and resilient business.

Chief financial officer Aaron Izzard said: “I’m pleased to announce the further strengthening of our balance sheet and financial flexibility through this strategic refinancing.

“As well as offering improved financial terms, it better positions us to deliver on the final phase of our turnaround strategy and growth plans with greater confidence and resilience.”

The new facility replaces ASOS’s existing £75m revolving credit and £50m accordion facilities, which were due to mature in 2027 and had no availability in the last reporting period.

The online fashion giant also confirmed, as previously announced senior independent director Natasja Laheij will succeed Jørgen Lindemann as chair following the release of FY25 results, after a thorough handover process.

Independent non-executive director Jose Manuel Martínez Gutiérrez will become senior independent director on the same date, while the retailer said a search for a new chair of the audit Committee is underway.

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