Missguided lines up administrators
Fast fashion retailer Missguided is reportedly lining up administrators after being issued with a winding-up petition by creditors, The Telegraphs reports.
The retailer has been accused of leaving suppliers millions of pounds out of pocket, which led to police being called to the company’s head office in Manchester.
A winding up petition was issued against Missguided on May 10 by supplier JSK Fashions.
Alteri Investors, which saved Missguided from collapse last year, has been searching for ways to sell the business in the past few weeks, with JD Sports and Shein among the firms expected to make a bid.
Insolvency specialists Teneo are understood to be preparing to step in as administrators if the business cannot be sold solvently.
Investor Alteri, that is backed by investment giant Apollo, bought a 50% stake in Missguided for £53 million last autumn, and has been injecting cash into the business since the start of the year.
Missguided chairman Ian Gray said he remains optimistic about selling the business.
Missguided said: “Missguided is aware of the action being taken by certain creditors of the company in recent days, and is working urgently to address this. A process to identify a buyer with the required resources and platform for the business commenced in April and we expect to provide an update on progress of that process in the near future.”
