Frasers Group puts Matches into administration
Frasers Group is putting Matches Fashion into administration just weeks after acquiring the luxury clothing retailer from Apax Partners.
In a statement released last night, Frasers Group said Matches had consistently missed its business plan targets and had continued to make material losses, despite support from the group.
It added: “Whilst Matches‘ management team has tried to try to find a way to stabilise the business, it has become clear that too much change would be required to restructure it, and the continued funding requirements would be far in excess of amounts that the group considers to be viable.
“In light of this, Frasers has been informed that the directors of Matches have taken the decision to put the Matches group into administration. Frasers remains committed to the luxury market and its brand partners.”
Frasers Group acquired Matches in December for £52 million.
The retailer has struggled in recent years and has been hit by a slowdown in the luxury market. However, its performance did show signs of improvement following the appointment of former Asos head Nick Beighton as chief executive in 2022.
According to its latest accounts, Matches employs just under 680 people.
