Missguided reportedly lines up administrators

Missguided is reportedly lining up administrators after being issued with a winding-up petition by creditors, The Telegraphs reports.

The business has reportedly left suppliers millions of pounds out of pocket, which led to police being called to the company’s head office in Manchester this week.

According to court filings, a winding up petition was issued against Missguided on 10 May by Manchester-based supplier JSK Fashions.

Alteri Investors, which saved Missguided from collapse last autumn, has been looking at options to sell the company over the past weeks, with JD Sports and Shein amongst interested parties.

Insolvency specialists Teneo are understood to be preparing to step in as administrators if the business cannot be sold solvently, according The Telegraph.

Missguided said in a statement: “Missguided is aware of the action being taken by certain creditors of the company in recent days, and is working urgently to address this. A process to identify a buyer with the required resources and platform for the business commenced in April and we expect to provide an update on progress of that process in the near future.”