Frasers Group buys Missguided out of administration for £20m
Frasers Group, controlled by the Sports Direct founder Mike Ashley, has bought the online fashion retailer Missguided out of administration for £20m in cash.
Frasers, which owns the brands Sports Direct, House of Fraser and Flannels, announced it had acquired certain intellectual property of Missguided Ltd and other related firms Mennace Ltd and Missguided (IP) Ltd.
After the deal is completed, Missguided will continue to be operated by the administrator under a transitional agreement for about eight weeks, before it becomes a standalone business within the Frasers Group.
Michael Murray, the 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 Frasers 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.”
Missguided collapsed into administration on Monday after the company was issued with a winding-up petition by clothing suppliers who are owed millions of pounds, putting about 140 jobs at risk.
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