Journalists banned from Boohoo’s boardroom battle with Mike Ashley

Boohoo Group has blocked journalists from attending its shareholder meeting with Mike Ashley, as the boardroom battle over the future of the fast fashion giant culminates.

The Manchester-based retailer told media they would not be allowed to attend its annual general meeting, where shareholders  vote on demands to install Ashley on the Boohoo board.

Only shareholders are expected to be admitted to the meeting, according to The Telegraph, with the outcome of the vote expected to be published this afternoon (20 December).

It comes after Boohoo Group has been subject to a campaign by Ashley to get himself installed as CEO in recent months. That was cut short when Boohoo appointed Dan Finley, former boss at Debenhams, which is owned by the group, in November.

Ashley then tried to get a seat on the board instead, alongside restructuring expert Mike Lennon, which Boohoo also resisted.

Frasers Group claimed in a letter that Boohoo’s opposition to Ashley and Lennon joining the board was because of fears they would "dilute" the influence of its co-founder Mahmud Kamani.

Ashley attacked Kamani for being an "egotistical founder who has an unhealthy grip on the board". He said Boohoo was "in desperate need of the guidance I can provide".

Frasers, which holds a 27% stake in Boohoo, also said it is trying to protect minority shareholders from a potential plan by Boohoo bosses to break the company up as part of a turnaround effort.

However, advisory firm Institutional Shareholder Services (ISS) and independent proxy adviser Glass Lewis have urged Boohoo investors to reject Ashley’s bid for a seat on the company's board.

Shareholders will have the opportunity to vote on Ashley’s attempt to gain a seat on the company’s board today, 20 December.