Mike Ashley has added Missguided to his retail empire after buying the fashion group out of administration for £ 20 million.
Her listed company FTSE 250 Frasers Group has “acquired some intellectual property” belonging to the women’s retailer, it said Wednesday.
Missguided collapsed on Monday, with Teneo administrators fixing its disappearance on rising inflation, supply chain costs and a weakening of consumer confidence.
The group’s suppliers are still owed millions of pounds, and have filed a complaint with the Bankruptcy Service.
According to the agreement announced on Wednesday, Teneo will operate it for eight weeks before joining Frasers as an “autonomous company”.
Ashley’s son-in-law Michael Murray, CEO of Frasers Group, said: “We are delighted to ensure a long-term future for Missguided, which will benefit from the strength and scale of the FG platform and the Missguided’s digital focus on the latest trends in women’s fashion will bring additional experience to the wider Frasers group. “
It’s not the first time Ashley has turned to a troubled British retailer after buying companies such as Jack Wills, parts of Debenhams and House of Fraser.
Manchester-based Missguided was founded in 2009 by Nitin Passi and became a major UK online fashion brand.