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.