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New documents show how debts at Manchester-based Missguided spiralled to £80m before collapse
01.08.2022 - 14:01 / manchestereveningnews.co.uk
More than £80m was owed by Manchester-based online fashion brand Missguided when it collapsed into administration and was rescued by Frasers Group, new documents have revealed.
It has also been confirmed that Missguided's suppliers are expected to be paid less than 2% of the £30m they are owed. Newly-filed documents with Companies House by administrator Teneo show the business will pay out less than 1.7p in the pound to factory owners.
Missguided's debts had risen from £57m in 2021 while its underlying losses, before debts and accounting adjustments had widened to £37m from £10m.
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Teneo said that there was "no prospect" of any funds being returned to unsecured creditors, who are owed £46m in total.
However the firm added that there will be "sufficient asset realisations" to repay the preferential creditors. Employees owed wages, holiday pay and pension contributions will also be paid in full.
As of May 30, Missguided employed 234 members of staff. A total of 147 were transferred to Frasers Group but 87 were made redundant at the end of May. The company's debt facilities included £58m from Alteri Investors, as well as two £10m facilities and €4.4m provided by owner Nitin Passi's father Rajib.
Advisory firm Teneo also said it is considering legal action to pursue repayment of a £595,000 loan made to Rajib. The documents also show that Rajib is not expected to be repaid any of the £24.7m he loaned Missguided.
His son has agreed to repay a loan of £333,000 he took from the company. Alteri Investors will receive at least £18m of the £58m it put into Missguided.
In the administrator's report Teneo said: "As with many online retailers, it experienced
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