Retail group Frasers has acquired embattled online womenswear retailer Missguided for £20.0m in cash.
Frasers said on Wednesday that it had acquired certain intellectual property of Missguided and Mennace, both of which were in administration, as well as Missguided (IP) Limited.
Following completion, the FTSE 250-listed firm stated the business will be operated by the administrator under a transitional agreement for a period of approximately eight weeks. It will then operate as a standalone business within the group.
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 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.”
Reporting by Iain Gilbert at Sharecast.com
