Frasers buys back Matches IP from administration
Administrators said they had received 11 offers for the company but none of them were satisfactory
Frasers has announced that it has reached an agreement with the administrators of Matches Fashion to acquire certain intellectual property for an undisclosed sum.
Under the terms of the transaction Frasers Group has granted a licence to the administrators that allows them to sell stock owned by Matches.
All the stock owned by Matches is not part of the transaction and the administrators are still managing the operations of the business.
Frasers put the business into administration three months ago after acquiring it from Apax Partners for £52m.
An administrator’s report revealed that the company owes 500 creditors, including the likes of Burberry, Gucci and Prada, around £36m.
Administrators said they had received 11 offers for the company but none of them were satisfactory.
Alongside this Matches CEO Nick Beighton and CFO Dave Murray left the company following the administration.
The two senior leaders are thought to have been part of the 273 job cuts announced on 8 March.
The Matches management team had previously asked to integrate the business into Frasers’ platform and step down as part of its turnaround plan, which was rejected by Frasers.
