ASOS (LSE:ASC), the global online fashion destination, has agreed terms to dispose of its Lichfield fulfilment centre to Marks and Spencer for £67.5m in cash, following a competitive sale process.
Under the contract ASOS.com will sell its leasehold interest and automation machinery, the deal constitutes a significant transaction under UKLR 7 and net proceeds are expected to be at least £66m after costs.
"The disposal of our Lichfield fulfilment centre represents a further step in strengthening ASOS's balance sheet, improving our capital efficiency and unlocking value from a non‑core asset while reducing our ongoing cost base," said Jose Antonio Ramos, ASOS CEO.
ASOS said the Transaction will produce a one‑off profit before tax of c.£85m largely from reversal of prior impairments on assets carried at nil, add at least £66m cash, remove c.£6m of annualised occupancy costs and leave a pro forma net debt (excluding lease liabilities) position of c.£228m based on £209.5m cash at 1 March.
Completion is subject to customary consents and is expected to occur in H2 FY26.
