Frasers Group, controlled by Sports Direct founder Mike Ashley, has bought online fashion retailer Missguided out of administration for £ 20 million in cash.
Frasers, owner of the Sports Direct, House of Fraser and Flannels brands, announced that it had acquired certain intellectual property from Missguided Ltd and other related companies Mennace Ltd and Missguided (IP) Ltd.
Once the agreement is finalized, the administrator will continue to manage Missguided under a transitional agreement for about eight weeks, before it becomes a stand-alone business within the Frasers group.
Michael Murray, CEO of Frasers Group, said: “We are excited to ensure a long-term future for Missguided, which will benefit from the strength and scale of the Frasers Group platform and our excellence. Missguided ‘s digital approach to the latest trends in women’s fashion will bring additional experience to the wider Frasers group. “
Missguided collapsed in the administration on Monday after the company received a request for liquidation from clothing suppliers to whom it owed millions of pounds, putting about 140 jobs at risk.