Fast fashion house Missguided seeks suitors as it teeters on the brink

Missguided seeks suitors as fast fashion house nears collapse

Missguided has put the retail giants on high alert over a takeover as the fast-paced fashion house battles to stay afloat.

The Manchester firm, founded 12 years ago by millionaire Nitin Passi, has recruited consultants to help it secure a deal which could be done this month.

Asos, China’s Shein, JD Sports, Mike Ashley’s Frasers Group and the billionaire Issa brothers – the owners of Asda – are said to be interested.

Manchester-based fast fashion company Missguided, founded 12 years ago by millionaire Nitin Passi (centre), has recruited consultants to help secure a deal which could close this month

Private equity giants are circling and sales documents have been sent to companies like CVC and Carlyle.

Last year, Missguided was rescued from a devastating supply chain disruption by investor Alteri, who gave it £53m and took a 50% stake. Alteri could deliver more this month.

Passi resigned last month as chief executive of the online-only company, which was among retailers accused in a 2017 TV documentary of paying staff between £3 and £3.50 an hour.

Alteri told The Daily Telegraph: ‘Missguided has appointed Teneo to manage a sales process, which has already attracted the interest of several potential buyers.

“Alteri continues to support the company financially and operationally.”