Asos shares plunge as it confirms talks with lenders over borrowing

Asos’s young customer base has been hit particularly hard by the cost of living crisis. Photograph: True Images/Alamy

Shares in the fast-fashion firm Asos have plunged after it confirmed it is in talks with lenders over changing the terms of a £350m borrowing facility to give it more flexibility in tough times.

In a statement, the online clothing retailer said it was in the “final stages” of agreeing changes to its financial covenants for its revolving credit facility, giving it “significantly increased financial flexibility against the uncertain economic backdrop”.