Zeus acted as Nomad, Broker and Bookrunner to Debenhams to raise c.£40 million

Zeus is delighted to have acted as Nominated Adviser, Broker and Bookrunner to Debenhams (DEBS), to raise c.£40.0 million by way of an oversubscribed equity placing and subscription.

Net proceeds of the proposed Fundraise will further help to accelerate the Group’s transition to an asset-lite model, which remains at the core of the turnaround plan. This enables Debenhams to capitalise on the increased momentum in the turnaround plan that recent trading has generated and allow the Group to maximise value from its other deleveraging options.

Debenhams Group is a leading online fashion group, home to a portfolio of fashion brands, servicing fashion-conscious consumers globally. Debenhams has a long-standing legacy as one of the UK’s most recognised retail names; it was founded in 1778 when William Clark, a retail pioneer of the time, opened the UK’s first department store.

In 2021 Debenhams was acquired by Boohoo Group plc, an online fashion retailer. Following the acquisition, Boohoo Group rebranded itself in March 2025 to become Debenhams Group. The rebrand preserves the heritage of the Debenhams name and values of Debenhams, whilst aligning the business with Boohoo Group’s strategy to operate as a leading online marketplace.

Debenhams Group is an online powerhouse in fashion, home, and beauty, serving millions of customers. Following the rebrand Debenhams Group now operates across five core brands Debenhams, Karen Millen, boohoo, BoohooMAN, and PLT and several labels.

“We are delighted to have supported Debenhams with its recent oversubscribed £40m fundraise and remain excited about the Group’s continued transition to its asset-lite marketplace model and the progress it is making under its management team headed by CEO Dan Finley.”

Deal team included: Dan Bate, James Edis, Dominic King and Ben Robertson

Sector team contacts: Jordan Warburton (Investment Banking), Andy Hanson (Analyst)

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