Frasers Group, the retail empire founded by former Newcastle United owner Mike Ashley, has rescued fast fashion brand Missguided from collapse after going into administration. The company, which owns the likes of House of Fraser and Sports Direct, acquired the online retailer for a deal worth £20 million.
It comes after Missguided fell into administration on Monday, May 30, after failing to secure a last-minute buyer and reportedly owing its suppliers millions of pounds of outstanding payments. However on Wednesday, June 1, Frasers Group announced it has bought all of the related intellectual property of the retailer and sister brand Mennace.
The shopping empire confirmed that Missguided will be operated by administrators for a transition period of around eight weeks - after it appointed Teneo on Monday to lead it through administration. Missguided is then expected to be ran as a "standalone" brand within Ashley's Frasers Group, the retail tycoon said.
