"Frasers Group buys Missguided out of administration for £20m", 1 June 2022

Frasers Group, controlled by the Sports Direct founder, Mike Ashley, has bought the online fashion retailer Missguided out of administration for £20m in cash.

Frasers... announced it had acquired certain intellectual property of Missguided Ltd and related firms Mennace Ltd and Missguided (IP) Ltd, in a purchase funded from working capital.

After the deal is completed, Missguided will continue to be operated by the administrator under a transitional agreement for about eight weeks before it becomes a standalone business within the Frasers Group.

Michael Murray, the chief executive of Frasers Group, said the company was “delighted to secure a long-term future for Missguided”, adding that it would “benefit from the strength and scale of Frasers Group’s platform and our operational excellence”.

He said: “Missguided’s digital-first approach to the latest trends in women’s fashion will bring additional expertise to the wider Frasers Group.”...

It is not yet clear how many jobs will be saved by the Frasers purchase. One source told the Guardian this week that about 80 roles had been made redundant immediately after the company went into administration.

Administrators from Teneo had failed to secure a last-minute rescue bid for Missguided, which made headlines with its £1 bikini three years ago, selling them at a loss as a marketing stunt....

In recent months some of Missguided’s fashion suppliers in the UK and overseas were understood to have not been paid.

The Guardian understands that more than a dozen UK suppliers report they are collectively owed millions of pounds for orders, some of which were placed as late as last month...