Mike Ashley's retail empire has snapped up troubled quick style model Missguided in a rescue deal.
The deal comes after Missguided collapsed into administration on Monday after suppliers accused the enterprise of thousands and thousands of kilos price of excellent funds.
Insolvency specialists at Teneo had been tasked with looking for to promote the enterprise and property of the retailer, which employs about 330 workers from its Manchester base.
On Wednesday Frasers Group, which additionally owns Sports activities Direct and Home of Fraser, confirmed it has purchased the mental property of the retailer, and sister model Mennace, for round £20 million.
It confirmed that Missguided will proceed to be operated by directors for a transition interval of round eight weeks.
Frasers stated it then intends to proceed to run Missguided as a "standalone" model inside its group.
Remaining property of the group might nonetheless be bought individually as a part of the administration.
Missguided was based in 2009 by Nitin Passi and grew quickly amid rising demand for on-line style.
Nevertheless, the corporate was hit onerous by surging provide prices, wider inflationary pressures and waning shopper confidence within the more and more aggressive market.
Rival retailers Boohoo, Asos and JD Sports activities had all been linked with potential rescue offers for the enterprise.
Michael Murray, chief govt of Frasers Group, stated: "We're delighted to safe a long-term future for Missguided, which can profit from the power and scale of Frasers Group's platform and our operational excellence.
"Missguided's digital-first strategy to the newest tendencies in girls's style will carry extra experience to the broader Frasers Group."
It comes amid a deliberate shift in technique by Frasers Group beneath new boss Mr Murrary, who can be Mr Ashley's son-in-law.
Mr Murray was beforehand the corporate's so-called head of elevation, and has been tasked with modernising the retail big.
Missguided will change into the newest troubled retail model to hitch the Frasers retail car, after the group picked up Home of Fraser, Sport, Evans Cycles, Jack Wills and Couch.com in related offers.
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