Frasers Group PLC (LSE:FRAS) has bought the key assets of failed online women's fashion retailer Missguided from its administrator for £20mln.
Assets being acquired by the Sports Direct owner are Missguided Limited, Mennace Limited and Missguided (IP) Limited, all of which are currently in administration.
Missguided appointed administrators on Monday evening after failing to conclude a rescue deal to pay its suppliers.
Other retailers including boohoo, JD Sports and ASOS were all potential buyers, according to reports.
Frasers was also one of the names mentioned and yesterday Teneo, the administrator, reported there was still a lot of interest in the business.
Teneo will continue to run the retailer under a transitional agreement for a period of approximately eight weeks after which it will operate as a standalone business within the Frasers Group.
Michael Murray, Frasers' chief executive, said: "We are 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 Frasers Group."
Prior to administration, Missguided employed around 340 staff, some 80 of whom had already been made redundant before today’s announcement.