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.
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Gavin Maher from Teneo said there was “a high level of interest from a number of strategic buyers”.
The Manchester-based online fast fashion retailer was founded in 2009 / Credit: Missguided
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.”
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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.
The fashion retail company moved its HQ to state-of-the-art offices in Trafford Park in 2015 / Credit: Google Maps
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.
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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.”
The company has now asked Teneo Financial Advisory to sell its business and assets / Credit: Missguided
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
A literacy charity is making its way to Manchester bringing lots of FREE books
Thomas Melia
A charity dedicated to literacy is coming to Manchester in May providing families and individuals with plenty of free books.
Led by Bookbanks, this London-founded organisation was set up in line with food banks to provide people with access to free books and now they’re coming all the way to Manchester.
This charity started in 2022 all thanks to writer and journalist Emily Rhodes, who has read her fair share of books and wants to give this privilege to anyone who might not be able to get their hands on any.
The charity has seen widespread positive reception quickly expanding into Norfolk and is now partnering with various food banks in Manchester, marking the organisation’s first Northern venture.
Bookbanks gives out an average of 30 books per week, per site and has distributed over 5,000 books so far at food banks.
Crates being organised in Manchester food bank.Credit: Publicity Picture (via Supplied)
Titled Bookbanks after the fact that they work very closely with food banks to provide books far and wide to food banks across the UK, they also host a range of interactive events.
Alongside all the fantastic work the team do, there’s a handful of free workshops and author events on offer for all ages and backgrounds, to further build the connection between people and their books.
Currently, there are two famous figures backing this book-based charity, Elizabeth Day and Andrew O’Hagan, both of which are no stranger to a pen and paper.
Day is an award-winning author who has written nine fiction and non-fiction books to date, while O’Hagan is Booker Prize nominated and is London Review of Books’ Editor-at-Large.
Bookbanks relies on the general public to spread their message further and there’s even a section on their website detailing how you can get involved to continue distributing books within food banks.
One of Bookbank’s many free author events, some of which will hopefully take place in Manchester.Credit: Publicity Picture (via Supplied)
Whether you’re an avid runner or keen to try something new why not raise money for and be sponsored by Bookbanks, knowing you’ve done your bit to bring books to those who need them most.
If you don’t fancy lacing up those trainers and heading out for a run, why not donate any old books you’ve finished reading to this book-focused charity and allow others to discover a whole new world of reading.
Bookbanks first official Manchester site will launch on Friday 2 May at Manchester Central Food bank and a second site is already in talks at Greater Together Manchester’s Social Supermarket in Miles Platting.
To find out more ways to get involved as a company, publisher, member of public and more, you can find all information on their official site HERE.
Featured Image: Publicity Picture via Annabelle Williams
News
Touching tribute paid to man and his dog who died together in fatal collision
Daisy Jackson
The family of a man who was killed in a fatal collision last month, alongside his beloved dog, have paid tribute to him.
Andrew Old, 61, had been walking along Greenwood Road in Wythenshawe when he was struck by a vehicle that had been involved in a collision.
He had been waking his ‘lovely’ dog, Liddy, who also died at the scene.
Emergency services rushed to the scene on Sunday 9 March but tragically both Andrew and his beloved pet passed away.
Paying tribute to him, Andrew’s family said: “Andrew was our happy go lucky brother and he is so sadly missed by us all.
“We miss his smiles, his laughter, his jokes and his hourly phone calls.
“Words cannot describe the shock and disbelief that we feel due to the loss of Andrew, we are absolutely devastated.
“Andrew tragically died only metres from his home, whilst walking his lovely dog Liddy.
“The only solace we have is that Andrew and Liddy were not alone at such a horrific time and that they were together. Andrew and Liddy will always be in our hearts.”
Emily Sergeant -
31st May 2022 
