The move was surprising given that Frasers has tended to focus more of its investment higher up the price scale in recent periods. However, it had previously bought mass- and mid-market brands and had lost out on other fast-fashion labels that had become available due to the pandemic.

Following completion, the business will be operated by the administrator under a transitional agreement for around eight weeks. It’s then “the intention that Missguided will operate as a standalone business within the [Frasers] group”.

Frasers CEO Michael Murray said the company is “delighted to secure a long-term future for Missguided, which will benefit from the strength and scale of FG’s platform and our operational excellence. Missguided’s digital-first approach to the latest trends in women’s fashion will bring additional expertise to the wider group”.

It’s an interesting outcome for Missguided and — while Murray specifically referenced its digital-first approach — suggests that it might even have a future in more physical stores.

Frasers’ House of Fraser

Not that Frasers has said anything more than its basic stock exchange statement so far.

Boohoo

There’s no news yet on whether Missguided operating as a standalone will also mean it retaining its Manchester HQ and operating with any of its current team. Some job cuts had already been made by the administrators this week.

It’s unlikely to be good news for the firm’s suppliers who were owned millions and whose winding up petition precipitated the collapse of the business, nor for backer Alteri that bought a stake for more than £50 million last autumn.