As profit margins were eroded, refinancing a £350m loan was this spring's top priority for Asos's board, led by chairman Jørgen Lindemann and chief executive Jose Calamonte. Asos's banks, which included HSBC and Lloyds, were getting nervous about the outlook for the retail sector and convincing them to refinance the loan would be difficult, sources say. Nevertheless the Asos board did convince its lenders to extend a July 2024 maturity of loan to November 2024 – a move partly to satisfy the company's auditors that the company was a going concern.