Missguided rescued by Frasers Group

Mike Ashley’s Frasers Group has acquired the Missguided fashion retailer out of administration in a £20 million deal.

It has also purchased the company’s menswear brand, Mennace.

Until the acquisition is completed, the business will be operated by the administrator under a transitional agreement for around eight weeks. In a statement, Frasers said Missguided will then operate as a standalone business within its group.

Michael Murray, chief executive 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.”

Missguided called in administrators earlier this week after failing to secure a last minute buyer.

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