Boohoo and Debenhams owner raises £35m, risking Mike Ashley clash

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The owner of Boohoo and Debenhams is raising £35m from shareholders in a move that could open a fresh conflict with Sports Direct founder Mike Ashley.The company, which also owns Oasis, Warehouse, Pretty Little Thing and Karen Millen, said on Tuesday that the new cash would help reduce debts and fund its turnaround plans.These involve slashing costs, selling off a distribution centre and operating Debenhams as an online marketplace for other brands.The fund raise, backed by the Boohoo founder, Mahmud Kamani, comes less than 18 months after the group raised £39m from shareholders as it battles to revive sales amid heavy competition from rivals such as Shein and Vinted.Debenhams, which changed its name from Boohoo last year, posted a share price fall of 16% on Tuesday.

The independent retail analyst Nick Bubb said: “Investors may be dismayed at the group’s financial situation.”Analysts at Peel Hunt said Debenhams was “bumping up against covenants” on a three-year £175m debt facility.Debenhams said all its brands were now trading profitably and it was on track to deliver underlying group profits of £50m in the year to the end of February, in line with previous guidance.It said: “The turnaround plan is going apace.“The fourth quarter has continued to see material improvements in the group’s [sales] trend, alongside the continued removal of significant cost from the business as it is simplified.

”It said institutional shareholders in Debenhams had already indicated support for £24m of the fund raising, which at 20p a share is at an 11% discount to Monday’s closing price.However, it is not clear if Ashley’s Frasers Group, Debenhams’ biggest shareholder with a near 30% stake, will back the cash call.Frasers has previously criticised the group’s plans to sell off assets, while Ashley sought to become the chief executive of Boohoo but was blocked by the company from putting that proposal to shareholders in 2024.A few months later Boohoo shareholders blocked Ashley and an associate from joining its board.Last month, Debenhams said it had ditched plans to sell Pretty Little Thing but it indicated on Tuesday that it was still considering “non-core asset disposals at best possible value” and licensing of brands as part of its efforts to reduce debts.

“The board has multiple strategies to de-leverage the group further,” it said in a statement.Ashley lost out to Boohoo when it bought the Debenhams brand in 2021 after the department store’s collapse.In March last year, Frasers voted to block formalisation of the group’s name change from Boohoo to Debenhams.
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Rukmini Iyer’s quick and easy recipe for ginger sesame meatballs with rice and greens | Quick and easy

I make variations of these meatballs every fortnight for my children, usually with chicken mince. The texture is fantastic and, whisper it, they’re even better made in an air fryer. Yes, I finally got one and it’s fantastic. You do, however, have to cook them all in one layer, which, depending on the size of your air-fryer basket, might mean cooking them in multiple batches. It feels more efficient to make them all in one go, though, so I’ve provided oven timings below

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How to make the perfect chicken massaman – recipe | Felicity Cloake's How to make the perfect …

Bickering pleasantly over the menu in a Thai restaurant with my family recently, I realised I was unable to explain exactly what a gaeng massaman was, beyond the fact it was probably a safe bet for those concerned about the three chillies next to the green curry (a dish I first tackled for this column back in 2010). The gap in my repertoire was explained later when I opened David Thompson’s pink bible of Thai Food and learned that “a mussaman curry is the most complex, time-consuming Thai curry to make”. The fact the esteemed Australian chef also describes it as “the most delicious” is scant comfort given I’ve just promised my editor I’ll make at least six of the things … but then I remember how incredibly tasty it is, and knuckle down to my research.Though the first recipe dates from 1899, massaman, whose name suggests an association with the country’s Muslim minority, probably dates back to the 17th century, and reflects either Persian or Malaysian influence, or perhaps that of the Indian and Middle Eastern spice traders who travelled through southern Thailand on their way to China. It’s unusual in its use of dried spices like cumin and cinnamon, bay leaves and cloves alongside more classic Thai aromatics like lemongrass and galangal to create a richly savoury gravy that cloaks the protein and potatoes like a warm hug direct from Bangkok

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Koba, London W1: ‘I admire their chutzpah’ – restaurant review

Sometimes, my memories of a restaurant begin at the end, and at Koba in Fitzrovia, central London, the enduring image is the warm, fresh, sugary, bean paste doughnut served with a pot of buckwheat tea. It was an utter delight, but then, Korean sweet bean paste, which is made with adzuki beans, is so very satisfying: pleasantly claggy, almost nutty, and a little decadent, while at the same time still convincing you that it might count as one of your five a day, were it not stuffed inside a hot fresh doughnut with a whopping great dollop of whipped cream. It was a cold winter’s day – the sort where, by lunchtime, my own umbrella had blown inside-out twice and everyone else’s seemed determined to poke my eye out. Against that backdrop, this doughnut was a moment of pure bliss.Koba, a Korean restaurant by Linda Lee, has been providing moments of such joy for 20 solid years, not least with its traditional tabletop barbecue hot plates on which guests could grill their own dinner

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Original Bramley apple tree ‘at risk’ after site where it grows put up for sale

The future of the original Bramley apple tree, which is responsible for one of the world’s most popular cooking apples, is at risk now that the site where it grows has been put up for sale, campaigners have warned.The tree is situated in the back garden of a row of cottages in Southwell, Nottinghamshire, which has been owned by Nottingham Trent University since 2018 and has been used as student accommodation.The university said the site was for sale due to the “age and configuration” of the cottages, which made them no longer suitable for accommodation.The great granddaughter of the man who first introduced the Bramley apple commercially said she was “very concerned” for the future of the tree and it needed to be protected.“It’s a very famous tree

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Christmas is lovely, but my kids think Chinese new year is by far the best holiday. I might be biased, but, unusually, I am inclined to agree with them. As my eldest puts it, “New clothes, cash, booze and food – what’s not to love?” There’s the added bonus that cash is absolutely more than acceptable – in fact, it’s de rigueur, so there’s no shopping for mundane socks and smelly candles. Chinese new year is full of rituals and, just as at Christmas, every family has its own, but they are all variations on a theme. Symbolism looms large in Chinese culture, and at new year it centres around messages of prosperity, luck and family

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