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Thursday, March 23, 2023

Misguided online fashion firm falls into administration

Fast fashion firm Misguided has fallen into administration after failing to secure a last-minute buyer.

He called in the business administrators from Teneo after the suppliers were issued with a winding up petition, which owed millions of pounds.

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Insolvency experts are now seeking to sell the retailer’s business and assets, which employs about 330 employees from its Manchester base.

Missguided was founded in 2009 by Nitin Pasi and grew rapidly amid the increasing demand for online fashion.

However, the company was hit hard by rising supply costs, widespread inflationary pressures and loss of consumer confidence in an increasingly competitive market.

Boohoo was in talks to buy the business in a pre-packaged administration deal, while Asos and JD Sports were also reported to be interested.

Administrators said business would continue while they wanted to sell the assets and stressed that there had been a “high level of interest”.

Gavin Maher of Teneo said: “As we continue to see, the retail business environment in the UK remains extremely challenging.

“Joint Administrators will now seek to liquidate the business and the sale of assets for which there remains a high level of interest from several strategic buyers.

“We thank all employees and other key stakeholders for their support during this difficult time.”

Last autumn, Missguided was rescued in a takeover by investment firm Alteri, which in December announced redundancies as part of a turnaround plan.

However, last month the retailer confirmed it was looking for a potential new buyer after founder Mr. Passi stepped down as chief executive amid continuing financial pressure.

World Nation News Desk
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