Debenhams Group and its former owner, U.S.-based private equity firm TPG, are reportedly close to finalizing a refinancing agreement worth around $225 million.
The current owners of the iconic retailer are said to be in advanced discussions with TPG to assume a substantial portion of Debenhams’ existing debt. TPG had previously taken Debenhams private back in 2003 and brought it back to market just three years later. Details around the exact size of TPG’s contribution or the final structure of the refinancing deal remain uncertain at this stage.
Following Debenhams’ collapse in 2020, Frasers Group, led by Mike Ashley, entered last-minute talks to acquire the business. However, in January 2021, Boohoo Group stepped in and purchased the Debenhams brand and website for $71 million, excluding the physical stores. By May 2021, all Debenhams stores had permanently shut their doors.
Boohoo relaunched the Debenhams website in April 2021, initially focusing on beauty products before gradually expanding into fashion, homeware, and lifestyle categories.
In June 2023, Frasers Group initiated a strategic investment by acquiring a 5% stake in Boohoo Group. By September 2024, it had increased its holding to 26.19%. That same month, after Boohoo reported a 15% drop in first-half revenue, Frasers demanded that Mike Ashley be appointed as CEO.
Frasers upped its stake to 27% in January 2025, but its proposal to oust Boohoo’s founder and executive vice chair, Mahmud Kamani, was overwhelmingly rejected by shareholders. Despite lacking shareholder support, Boohoo Group announced in March 2025 that it would rebrand itself as Debenhams Group—a move seen by some as a defiant pivot.
Frasers responded by raising its ownership to 28% in May 2025, and in June, Mike Ashley made another push for influence by offering financial support for debt refinancing. If a deal with TPG is confirmed, it would mark yet another chapter in the evolving story of this former British retail giant—and reintroduce TPG as a stakeholder in Debenhams’ future.
