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Boohoo valued at £560m

Fashion website Boohoo.com has been valued at £560 million after a City fundraising delivered a big windfall for its founders.

The Manchester-based business, which targets the 16 to 24 age range, has secured £300m from investors in a share placing secured ahead of a listing on AIM next week.

Members of the founding Kamani family and other shareholders have received £240m of the proceeds, while some of the remainder will be used to implement a £6.5m improvement plan for its Burnley warehouse.

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