Collapsed retailer, Debenhams, is back in profit, thanks to growth in its marketplace model.

The online-only department store reported a pre-tax profit of £3.27m for the year to February 29, up from a loss of £721,000 the previous year, as reported by Retail Gazette.

Debenhams went into administration in 2021, and all stores were closed. Online retail giant Boohoo Group snapped up the brand and website for £55m and relaunched the website.

Boohoo said it is making progress into transforming Debenhams into 'Britain's online department store', using a marketplace model which is light on stock and capital and 'highly profitable'.

Debenhams' iconic Gloucester store is currently undergoing a transformation to become University of Gloucestershire's new City Campus.