Online fashion firm Missguided collapses into administration
Rapidly trend business Missguided has fallen into administration soon after failing to secure a previous-minute customer.
The business called in directors from Teneo following it was issued with a winding-up petition by suppliers owed thousands and thousands of lbs ..
The insolvency specialists are now searching for to provide the enterprise and assets of the retailer, which employs all around 330 employees from its Manchester base.
Missguided was established in 2009 by Nitin Passi and grew speedily amid soaring desire for on-line manner.
Nevertheless, the organization was hit tough by surging source charges, broader inflationary pressures and waning customer self esteem in the ever more aggressive marketplace.
Boohoo experienced been in talks to purchase the business in a pre-pack administration offer, even though Asos and JD Sporting activities ended up also claimed to have been interested.
Directors reported the business will carry on to trade even though they look for to provide off assets and stressed that there has been a “high level of interest”.
Gavin Maher, of Teneo, said: “As we proceed to see, the retail trading natural environment in the United kingdom stays extremely challenging.
“The joint directors will now seek to conclude a sale of the enterprise and property, for which there proceeds to be a substantial level of interest from a amount of strategic prospective buyers.
“We thank all staff and other essential stakeholders for their assistance at this challenging time.”
Final autumn, Missguided was saved in a takeover by financial commitment agency Alteri, which announced redundancies in December as component of a turnaround strategy.
Having said that, last thirty day period the retailer verified it was seeking for a potential new purchaser as founder Mr Passi stepped down as chief executive amid ongoing economical force.