It has been confirmed that Manchester-based online fast fashion retailer Missguided has appointed administrators in attempts to save the brand.
The multi-channel fashion retailer – which sells clothes primarily aimed at 16-35 year old women, and had its headquarters based in Stretford before moving to Trafford Park in 2015 – was founded by Nitin Passi back in 2009 when he was just 26, and it grew grew into one of Britain’s biggest online-led fashion retailers alongside ASOS and fellow Manchester-based fast fashion brands, Boohoo and Pretty Little Thing.
But now, Missguided has asked Teneo Financial Advisory to sell its business and assets.
It comes after the business was issued with a winding-up petition by clothing suppliers, who are owed millions of pounds.
Teneo said Missguided will continue to trade while it looks for a buyer.
ADVERTISEMENT
Gavin Maher from Teneo said there was “a high level of interest from a number of strategic buyers”.
He added in a statement: “As we continue to see, the retail trading environment in the UK remains extremely challenging [and] the joint administrators will now seek to conclude a sale of the business and assets, for which there continues to be a high level of interest from a number of strategic buyers.”
ADVERTISEMENT
The company employs around 330 staff members, with The Guardian reporting that about 140 jobs are thought to be at risk, and the publication citing a source as saying that more than 80 people had immediately been made redundant.
Reports suggest that rival and larger online fashion retailer, Boohoo – which bought a number of collapsing high street brands during the COVID-19 pandemic – had been in talks to buy Missguided in a prepack administration deal, and JD Sports and ASOS are also thought to have shown some interest, but a deal was not made.
In efforts to pinpoint why Missguided was on the brink of collapse, industry professionals and marketing experts said not only were some rival brands better, cheaper, and faster, but that shoppers now care more about sustainability and less about fast throwaway fashion.
ADVERTISEMENT
Julie Palmer – a partner at insolvency firm Begbies Traynor – also told the i newspaper that the cost of living crisis means shoppers are cutting back on spending on non-essentials like the fast fashion Missguided offers.
She said: “While Missguided boomed when we were locked down with no opportunity to spend wages going out, the harsh realities of post-pandemic life are becoming clear.”
Ms Palmer added: “Rising inflation and worries about the potential for a recession mean that people just aren’t willing to spend on what they don’t need.
“Hopefully a buyer will see the potential in this company that means its suppliers continue to find an outlet for their products.”
Featured Image – Channel 4
News
Passengers brace for ANOTHER day of ‘disruption’ as train drivers strike again this week
Emily Sergeant
Passengers are being told to brace for yet more ‘disruption’ as train drivers across the UK are striking again this week.
Following on from the announcement back in February that ASLEF train drivers at several train companies and operators, with Northern being one of them, had voted ‘overwhelmingly’ to continue taking industrial action for another six months, members of the union are staging more strikes all throughout this week.
ASLEF train drivers at Northern will walk out this Thursday (9 May).
But, as there are multiple strikes on different days at train operators across the country all this week, this means disruption is also expected in the lead-up to and following the day drivers at Northern actually strike.
Because of this, Northern customers who are connecting onto services with other train operators are being advised to “check before they travel” for all journeys up until this Saturday (11 May).
The company is also warning that its services are likely to be “busier than usual” this week, as it expects people will take alternative travel routes to avoid strikes elsewhere.
“Unfortunately, the action by ASLEF on Thursday 9 May will see our network grind to a halt,” explained Tricia Williams, who is Northern’s Chief Operating Officer.
“On the days when strikes are taking place with other train operators, we will do everything we can to keep our services moving and absorb those extra passengers trying to travel across the region, but we can only apologise, once again, for the disruption this action will cause to people.”
Northern says it’s “disappointed” ASLEF members have chosen to stage more strikes this week, and will continue to do so in the coming months.
Disruption on Northern is also expected on the days surrounding the strike day itself / Credit: Northern
But when ASLEF announced its intention to continue taking industrial action for the foreseeable – which is separate to what is a very long-running dispute with the Department for Transport (DfT) over pay and working conditions – back in February, the union’s General Secretary, Mick Whelan, said he was “fed up to the back teeth with the bad faith shown” by train companies.
He added that train operators like Northern need to “stop what they are doing” and “start to behave properly and honourably”, because their drivers are “no longer prepared to be treated like this”.
For more information on the strikes this week, and to see the latest travel updates for the next few days, check the Northern website here.
Featured Image – National Rail
News
‘Stop and search’ powers introduced after several incidents of violent disorder in Oldham
Emily Sergeant
Police in Oldham have been given extra ‘stop and search’ powers following several incidents of violent disorder overnight.
As of 8pm yesterday evening (Monday 6 May) up until 4am today (Tuesday 7 May), Greater Manchester Police (GMP) had authorised the use of Section 60 and 60AA powers across an extensive area of the Royton area of Oldham.
This tactic had been introduced following what police have called “a number of incidents of disorder” overnight in the community.
These include reports of a group of men with weapons, and an incident which has left a man with “life changing injuries”.
Under Section 60, officers have extra powers to ‘stop and search’ people in the area defined within the specific times listed, while a section 60AA allows police to require people to remove face coverings which are used to disguise or conceal their appearance.
#NEWS | Section 60 & 60AA is in place following several incidents of disorder in Royton.
With this authority, police have extra powers to stop & search & ensure people remove face coverings.
Superintendent Phil Hutchinson, of GMP’s Oldham District, says he understands why members of the public would be concerned at “the nature of these incidents”, but has assured the Oldham community that there will be an increased police presence within the coming days as a measure of safety in response to this.
“Please be assured that we are working round the clock to ensure the safety of the local community, and to do this, we have increased visible officers across the district to provide added reassurance to the public,” Superintendent Hutchinson explained.
“If you have any concerns, or would like to share some information with them, please do not hesitate to speak to them, as they are there to help you.”
The area of Royton where the Section 60 and Section 60AA powers are in place / Credit: GMP
He also added that police will “continue to have a presence in the area beyond the conclusion of the additional powers” and urged the public to continue coming forward with any information that will allow officers to “take action to keep our streets safe”, as they are “keen” to gather as much information as possible in relation these incidents.
“We would encourage anyone who may have seen anything, or have information concerning this. to contact us,” Superintendent Hutchinson concluded.
You can contact GMP by calling 101 and quoting log number 1242 of 06/05/2024, or alternatively, if you would prefer to remain anonymous, you can report information to Crimestoppers on 0800 555 111.