Retailer appoints administrators but no pre-pack deal in place

Nitin Passi, founder, Missguided

Administrators Teneo will look to continue to trade online fashion retailer Missguided after it was unable to agree a deal in time.

Boohoo was reported to have entered exclusive negotiations with a pre-pack deal expected, but that failed to materialise.

However administrator Gavin Maher, from Teneo, said there was “a high level of interest from a number of strategic buyers”. Asda, Asos, Frasers Group, JD Sports, and Shein have all been previously linked.

Maher said: “As we continue to see, the retail trading environment in the UK remains extremely challenging.

“The joint administrators will now seek to conclude a sale of the business and assets.”

Founder Nitin Passi stepped down as chief executive last month as the Manchester-headquartered company’s problems mounted.

Missguided, which employed around 330 staff, had previously been rescued when Alteri Investors took a 50% stake before Christmas.

But rising costs, supply chain issues, and the impact of the cost of living crisis on demand created fresh cashflow problems. This resulted in suppliers going unpaid with one, JSK Fashions, issueing a winding up petition earlier this month.