Missguided reportedly close to securing refinancing

Missguided, the fast fashion fashion retailer, is said to be close to securing a refinancing deal with turnaround firm Alteri.

According to The Times, Alteri will be offering the Manchester-based business, led by Nitin Passi, a loan and a cash injection to secure its future.

A deal could be announced as soon as this week and would result in Alteri advisers being appointed to Missguided's board. Alteri is apart of Apollo Global Management, which specialises in the acquisition of distressed businesses.

Like many in the fashion market, Missguided has of late been hit by the supply chain crisis which has led to spiralling costs and delays in stock reaching stores.

The business has been seeking investment for a number of months with Rothschild investigating its options. It was reported that JD Sports, which lost out to ASOS in the race to acquire Topshop and Topman from the collapsed Arcadia Group, had been interested in acquiring a majority stake in Missguided but that Passi had not wished to cede control of the business.

Passi founded Missguided in 2009 (around three years after larger rival Boohoo was also established in the city) when he was just 26. It is predominantly sold online but made a brief foray into operating its own physical retail stores but pulled back from that move, however it has recently signed a deal with ASDA to be stocked in 100 of its stores.

Best known for its womenswear, Missguided has also ventured into menswear, homewares and kidswear and recent reports suggest the business could achieve sales of £400m in the coming year.