The Debenhams name is back on the stock market after Boohoo Group announced it had adopted one of Britain’s oldest and best known names in retail.

Debenhams collapsed during the pandemic, bringing 247 years of high street trading to a sorry end.

Online fashion retailer Boohoo bought it out of administration in 2021 but all its stores were closed. Now the board of Boohoo have decided to adopt the Debenhams name.

It has been relaunched as an online department store and will join the Boohoo stable of brands that includes Karen Millen, MAN and PLT.

The group said Debenhams is now “fast-growing and highly profitable” after generating net sales of £205 million with a 12% underlying margin.

Despite a strong performance from Debenhams, revenues for the year to February are expected to be 16% lower at £1.2 billion. Underlying earnings are around £40 million.

Chief executive Dan Finley said: “The successful turnaround of Debenhams is our blueprint for the wider turnaround of the group.

“The turnaround of our youth brands is underway and will take time. I have inherited significant challenges. I can see their future potential as they evolve into fashion-led marketplaces and adopt a leaner operating model

“We go forward as Debenhams Group. This is a defining moment in our journey, reflective of our new strategy, new leadership and new beginnings.”