Missguided has been bought out of administration by Mike Ashley's Frasers Group.
The fast-fashion company was issued a winding-up petition last week by suppliers who are owed millions. It comes after police were called to the retailer's Trafford headquarters after suppliers turned up demanding overdue payments be made.
The online retailer - which employs around 330 staff - collapsed into administration on Monday. It has been confirmed this morning (Wednesday) that Mike Ashley's retail empire has snapped up the brand in a rescue deal.
READ MORE: Missguided collapses into administration putting over 300 Manchester-based jobs at risk
Frasers Group, which also owns Sports Direct and House of Fraser, confirmed it has bought the intellectual property of the retailer and sister brand Mennace for around £20 million. It confirmed that Missguided will continue to be operated by administrators for a transition period of around eight weeks.
Frasers said it then intends to continue to run Missguided as a 'standalone' brand 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 Frasers Group’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."
