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Manchester Evening News
Manchester Evening News
National
Jon Robinson & Kit Vickery

Missguided founder's 'great sadness' at leaving as 63 jobs cut at Manchester firm

Missguided Nitin Passi Manchester Teneo

The founder of Manchester-based Missguided has revealed his "great sadness" at stepping down as chief executive as 63 jobs were cut at the iconic clothing firm.

News that Nitin Passi was leaving his role at the company was announced today, at the same time as the firm said they were scrapping 63 jobs and appointing consulting firm Teneo to "explore strategic options for the business".

Mr Passi founded Missguided in 2009, selling a 50 per cent stake of the Trafford-based firm to Alteri Investors towards the end of 2021. According to BusinessLive, the London-based investor, which is backed by private equity giant Apollo Global Management, also has stakes in Lancashire-based Bensons for Beds.

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