Mike Ashley has added Missguided to his retail empire after buying the fashion group for £20million.
His FTSE 250-listed company Frasers Group has “acquired certain intellectual property rights” belonging to the women’s retailer, he said on Wednesday.
Missguided collapsed on Monday, with Teneo administrators blaming its demise on rising inflation, supply chain costs and weakening consumer confidence.
The group’s suppliers are still indebted for several million pounds and have lodged a complaint with the insolvency service.
Under the deal announced on Wednesday, it will be operated by Teneo for eight weeks before joining Frasers as a “stand-alone business”.
Mr Ashley’s son-in-law, Michael Murray, Managing Director of Frasers Group, said: “We are delighted to secure a long-term future for Missguided, which will benefit from the strength and scale of FG’s platform and of our operational excellence. Missguided’s digital take on the latest trends in women’s fashion will bring additional expertise to the entire Frasers Group.
It is not the first time that Mr Ashley has taken on a struggling UK retailer, having previously bought companies such as Jack Wills, parts of Debenhams and House of Fraser.
Manchester-based Missguided was founded in 2009 by Nitin Passi and has grown into a leading online fashion brand in the UK.
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Source: www.telegraph.co.uk
This notice was published: 2022-06-01 07:26:14
