Boohoo.com, which sells outfits to 16-24 year-olds, plans to list next Friday, valuing it at about £560million.

It is the latest in a string of floats including housebuilder Crest Nicholson, Royal Mail and insurer Direct Line.

Joint chief executives Mahmud Kamani and Carol Kane set up Boohoo in 2006.

The sale is raising about £240million to repay loan notes held by Kamani, Kane and other shareholders.

Kamani’s 52.9 per cent interest drops to about 24.6 per cent and Kane’s stake halves to just under 5 per cent. The Kamani family will end up with 44 per cent of the company.

They plan to use £50million to enlarge Boohoo’s Burnley warehouse and IT systems and expand internationally. Kamani said: “It’s time to invest in the business and the future.”