Along with its half-year results a day ago, Boohoo Group announced it was raising cash via share issues and on Thursday it said that it had raised the funds its was targeting and that the new shares were oversubscribed.

It said the gross proceeds of its placing and subscriptions were £33.3 million and a retail share offer should bring in a further £6 million, adding up to the £39.3 million it had been amining for.

Both company co-founder Mahmud Kamani and major shareholder Frasers Group took part in the subscriptions.

Group CEO Dan Finley said: “We are pleased with the level of support from our existing shareholders for the business in its next stage of growth. We trust that the Retail Offer provides smaller shareholders the opportunity to participate also.”

The news came a day after the firm’s latest results showed that trading continued to be challenging in the latest half and also a day after it had urged shareholders to reject Frasers’ attempt to get its majority owner Mike Ashley onto Boohoo’s board.