BREAKING: Mike Ashley’s Frasers Group buys Missguided for £20m

// Frasers Group has bought Missguided out of administration for £20m

// The Sports Direct-owner will operate Missguided as a separate business

Frasers Group has bought Missguided out of administration for £20million, beating off competition from Boohoo.

The retail group has also bought Missguided owned menswear site Mennace. It plans to operate Missguided as a standalone business within the Frasers Group.

Frasers Group chief executive Michael Murray 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 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, appointing Teneo Financial Advisory to manage the process, after a winding-up petition was issued by its clothing suppliers that are owed millions by the fashion retailer.

The retailer had hired Teneo last month to advise to help it secure a new buyer but despite retailers including Frasers Group, Boohoo, JD Sports, and Shein showing interest, a deal was not able to be secured to stave off administration.

Missguided was once an online fashion success story, however, it has failed to keep pace with bigger competitors Boohoo and Asos in recent years. It was also hit hard by supply chain disruption.

Late last year the retailer sought emergency funding and was forced to sell a 50% stake in the firm to Alteri, an investor that specialises in distressed businesses.

Last month, it called in Teneo to explore options for the retailer as founder Nitin Passi stepped down as chief executive.

Missguided is the second big retail acquisition for Sports Direct-owner Frasers Group. it also bought Studio Retail, in which it was a stakeholder, out of administration for just £1 in February.

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