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PRIVACY
Retail & Consumer

Online fashion firm Missguided collapses into administration

The business will continue to trade while administrators seek to sell off assets

Nicole Sherzinger posing for Missguided in 2014(Image: Daily Record)

Fast fashion firm Missguided has fallen into administration after failing to secure a last-minute buyer.

The business called in administrators from Teneo after it was issued with a winding-up petition by suppliers owed millions of pounds.

The insolvency specialists are now seeking to sell the business and assets of the retailer, which employs around 330 staff from its Manchester base.

Missguided was founded in 2009 by Nitin Passi and grew rapidly amid rising demand for online fashion.

Mr Passi announced he was leaving the business as Chief Executive in April.

The company has been hit hard by surging supply costs, wider inflationary pressures and waning consumer confidence in the increasingly competitive market.

Boohoo had been in talks to buy the business in a pre-pack administration deal, while Asos and JD Sports were also reported to have been interested.

Administrators said the business will continue to trade while they seek to sell off assets and stressed that there has been a “high level of interest”.