Boohoo shareholders deny Mike Ashley seat on board after boardroom battle

Boohoo shareholders have rejected efforts by Sports Direct founder Mike Ashley to get himself appointed to the online fashion firm’s board.

Frasers Group, which owns a 27% stake in Boohoo, had urged investors to appoint Mr Ashley and restructuring expert Mike Lennon to Boohoo’s board.

It said it hoped the pair could help turn around the business after “dismal results”.

However, at a meeting in Manchester, a majority of Boohoo shareholders voted against motions to appoint the pair as directors.

Around 63.7% of shareholder votes were cast against Mr Ashley’s appointment, with only 36.2% in his favour.

The results of the meeting also showed that 63.7% of votes were cast against Mr Lennon’s appointment.

Tim Morris, independent non-executive chair of Boohoo, said: “I would like to thank our shareholders for their support of the board.

“We remain focused on delivery of our business review with the objection of unlocking and maximising value for all shareholders.”

Dan Finley, chief executive of Boohoo, said: “Our group is a dynamic business, with great brands and extremely talented people, underpinned by best-in-class infrastructure.

“Since my appointment, I have hit the ground running, taking immediate and decisive actions to maximise and unlock value for all shareholders.”