Retail billionaire Mike Ashley’s Frasers Group has bought online fashion retailer Missguided out of administration.
The rescue deal comes after suppliers accused the business of millions of pounds worth of outstanding payments.
Frasers chief executive Michael Murray 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.”
AJ Bell’s Russ Mould said of the deal: “In the end Mike Ashley’s Frasers swooped for the collapsed women’s online fashion outfit Missguided. Time will tell if the name of the acquisition will prove prophetic. Though Ashley, for all his detractors, has a way of making the brands he has snared in the past work.
“As the shakeout in the retail sector continues he may have further opportunities to snap up assets on the cheap.”