Manchester online-fashion firm Boohoo Group said on Monday it has received the backing of its bank lenders after raising £39 million from a sale of new shares, as it looks to fend off Mike Ashley’s attempt to take control of the company. 

Dan Finley, the new CEO of Boohoo, said: “Concluding the fundraising process and securing support from the banking syndicate is further evidence of the decisive steps that we have taken since announcing the business review.

“I now look forward to driving the business review forward and maximising value for all shareholders and the completion of this process gives us a great platform to do so.”

Tim Morris, recently appointed Chair of Boohoo, said: “I’d like to take this opportunity to thank our banking syndicate for their continued support. As a result of their backing, we now have a strong foundation from which to unlock and maximise shareholder value for all shareholders.”

Last week Ashley’s Frasers Group, which owns 27% of Boohoo’s shares, ramped up its attack on Boohoo by demanding that co-founder and executive chairman Mahmud Kamani be kicked off the board and replaced by Ashley.

Frasers has asked for a shareholder meeting to vote on the removal of Kamani as a director. A meeting is already scheduled for 20 December for shareholders to vote on the appointment of Ashley and his restructuring professional associate Mike Lennon as directors.