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Missguided lines up administrators

// Missguided lining up administrators as creditors issue winding-up petition
// The retailer is accused of leaving suppliers millions of pounds out of pocket

Missguided is close to calling in administrators as its business remains on the brink of collapse after creditors issued it with a winding-up petition.

The fashion retailer has been accused of leaving suppliers millions of pounds out of pocket, which led to police being called to the company’s head office in Manchester.

A winding up petition was issued against Missguided on May 10 by supplier JSK Fashions.

READ MORE: How Missguided lost its direction – and can it get back on track?

Alteri Investors, which saved Missguided from collapse last year, has been searching for ways to sell the business in the past few weeks, with JD Sports and Shein expected to make a bid.

Insolvency specialists Teneo are understood to be preparing to step in as administrators if the business cannot be sold solvently.

Three factory owners said that they are also at risk of going bankrupt after Missguided failed to pay them for clothing.

Investor Alteri, that is backed by investment giant Apollo, bought Missguided for £53 million last autumn, and has been injecting cash into the business since the start of the year.

Missguided founder Nitin Passi stepped down as chief executive last month but remains on the board of the online retailer’s parent company. He is no longer believed to own a majority stake in the business.

Missguided chairman Ian Gray said he remains optimistic about selling the business.

Missguided said: “Missguided is aware of the action being taken by certain creditors of the company in recent days, and is working urgently to address this. A process to identify a buyer with the required resources and platform for the business commenced in April and we expect to provide an update on progress of that process in the near future.”

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