1 June 2022
What a way to start the new month! Today it has been announced that Mike Ashley's Frasers Group has rescued Missguided from administration in a £20 million deal!
Included in the deal is the purhcase of Mennace, the menswear site Missguided also own.
The plan ahead is for Missguided to operate as a standalone business within the Frasers Group.
Michael Murray, CEO of Frasers Group 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.”
Frasers Group, owned by Mike Ashley, is no stranger to rescuing struggling companies, as seen by previous rescues such as Evans Cycles, Studio and DW Sports - to name just a few!
Retail Gazette share more.
31 May 2022
Despite yesterday's update that a deal was potentially on the cards via Boohoo - the fast-fashion brand, Missguided, has today collapsed into administration, since a deal could not yet be secured. Administrators of Teneo Financial Advisory, have been officially appointed and they will continue to seek a buyer. During this time, business operations will continue.
30 May 2022
Rumors are heard this morning that Boohoo are the front runner in rescuing struggling online fashion retailer. Missguided, via a pre-pack deal.
The Times share that exclusive talks are underway with Boohoo and Teneo. A deal has not been finalised and details are not clear - are Boohoo interested in buying just the Missguided brand, or the whole business?
Other offers have come in from JD Sports, Asos, Asda, Shein but to name a few.
Watch this space! What will the future be for this up and current brand?
27 May 2022
Missguided, the online fashion retailer made famous by its association with Love Island, is facing collapse into either administration or liquidation. The company has faced fierce competition from the likes of Boohoo and others that compete for shoppers in the fast fashion sector.
Police were reportedly called to the company’s head office in Manchester after angry suppliers turned up after being left millions of pounds out of pocket.
A winding up petition has been filed at the court by two of the company's creditors. They are reported to be owed £2m. The case is due to be heard in July. If a winding up petition is advertised then the banks are likely to freeze the bank accounts to stop any money moving out. See this page on the effect of a winding up petition.
The Leicester based company laid off staff last year and sold 50% of its share to Alteri Investors, who specialise in rescuing companies, in a last ditch attempt to keep trading. Alteri Partners have secured their position so if it does go into liquidation then they will get paid first.
Several online and high-street stores have been considering launching takeovers of Missguided, with JD Sports, Asos, Shein, Frasers Group and Asda all contemplating making bids, according to Retail Gazette.
However, with the cost of living going up, it is possible that the disposable income will not be there for fashion lovers to spend on their products.
The textile industry in Leicester is in a difficult position should this squeeze on fast fashion continue. Poor business practices are thought to have improved following investigations into Boohoo.