Retail billionaire Mike Ashley’s Frasers Group has purchased on-line style retailer Missguided out of administration.
The rescue deal comes after suppliers accused the enterprise of tens of millions of kilos price of excellent funds.
Frasers chief government Michael Murray stated: “We’re delighted to safe a long-term future for Missguided, which can profit from the energy and scale of Frasers Group’s platform and our operational excellence.”
AJ Bell’s Russ Mould stated of the deal: “Ultimately Mike Ashley’s Frasers swooped for the collapsed ladies’s on-line style outfit Missguided. Time will inform if the identify of the acquisition will show prophetic. Although Ashley, for all his detractors, has a manner of constructing the manufacturers he has snared prior to now work.
“Because the shakeout within the retail sector continues he could have additional alternatives to snap up belongings on a budget.”