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Frasers Group plc has bought online women’s fashion retailer, Missguided, out of administration for a cash consideration of £20m.
The group has acquired certain intellectual property of Missguided Limited (in administration), Mennace Limited (in administration) and Missguided (IP).
Following the completion of the sale, the business will be operated by the administrator under a transitional agreement for a period of approximately eight weeks.
It is then the intention that Missguided will operate as a standalone business within the group.
The news comes after Missguided fell into administration on Monday (30 May) after failing to secure a rescue bid for the company, reportedly putting 140 jobs at risk, with over 80 employees having reportedly been made redundant immediately.
Teneo Financial Advisory revealed Dan Smith, Daniel Butters and Benji Dymant were appointed as joint administrators to Missguided and certain subsidiary companies, after the company was reportedly issued with a winding-up petition by clothing suppliers who are owed millions of pounds.
Michael Murray, chief executive of Frasers Group, said: “We are delighted to secure a long-term future for Missguided, which will benefit from the strength and scale of Fraser Group’s platform and our operational excellence.
“Missguided’s digital-first approach to the latest trends in women’s fashion will bring additional expertise to the wider Frasers Group.”
