Frasers Group, controlled by Sports Direct founder Mike Ashley, bought online fashion retailer Missguided without administration for £ 20 million in cash.
Frasers, which owns the Sports Direct, House of Fraser and Flannels brands, has announced that it has acquired certain intellectual property of Missguided Ltd and other related companies Mennace Ltd and Missguided (IP) Ltd.
Following the completion of the transaction, Missguided will continue to be managed by the administrator under a transitional agreement for approximately eight weeks before becoming a stand-alone business within the Frasers Group.
Michael Murray, CEO of Frasers Group, said: “We are excited to secure a long-term future for Missguided that will benefit from the strength and scale of the Frasers Group platform and our operational excellence. Missguided’s first 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 was sent with a petition for liquidation by clothing suppliers who owe millions of pounds, putting at risk about 140 jobs.
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