The fast fashion firm owes millions to suppliers

Missguided has been plunged into administration after it failed to secure a last-minute buyer.

The fast fashion firm’s announcement puts hundreds of jobs at risk.

The company owes suppliers millions of pounds and was issued with a winding-up petition.

Insolvency specialists Teneo are attempting to sell the business and assets of the retailer, which employs around 330 staff from its Manchester base.

It is the latest of a series of company’s to announce it is going into administration, amid a cost of living crisis, huge inflation and a worsening economic situation.

The move comes despite a takeover by investment firm Alteri saving it last autumn – before redundancies were announced in December as part of a turnaround plan.

Then, last month, the retailer confirmed it was looking for a potential new buyer as founder Mr Passi stepped down as chief executive amid continued financial pressure.

Missguided was founded in 2009 by Nitin Passi and grew rapidly thanks to soaring demand for online fashion.

The company had been taken over late last year (Picture: AFP)

But the firm has been hit hard by soaring supply costs, wider inflationary pressures and waning consumer confidence in an increasingly competitive market.

Boohoo had been in talks to take over, while JD Sports and Asos were also reportedly interested.

Now administrators are stressing that there has been a ‘high level of interest’ – and say the business will continue to trade while they look to flog its assets.

Teneo’s Gavin Maher explained: ‘As we continue to see, the retail trading environment in the UK remains extremely challenging.

‘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.

‘We thank all employees and other key stakeholders for their support at this difficult time.’

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