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(Sharecast News) - Asos shares sparked on Monday after the online fashion retailer said it has agreed to sell its Lichfield fulfilment centre to Marks & Spencer.
It said the disposal marks another step in the structural transformation of the group's financial position, with net proceeds of at least 66m and annual cash cost savings of around 6m.
The Lichfield site had already been mothballed to address excess capacity and Asos said its fulfilment centres in Barnsley and Berlin provide sufficient capacity to support future growth.
Chief executive Jose Antonio Ramos said: "The disposal of our Lichfield fulfilment centre represents a further step in strengthening Asos's balance sheet and improving our capital efficiency. This transaction enables us to unlock value from one of our non-core assets while reducing our ongoing cost base, consistent with the actions we have taken over the past three years to simplify the business and enhance financial resilience.
"Asos is a well-invested business and we have significant capacity to support future growth. We will continue to maintain a disciplined approach to capital allocation as we execute our strategy."
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