Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Online fashion firm Missguided collapses into administration

Missguided is lining up administrators as the online fashion brand teeters on the brink of a potential collapse (Missguided/PA)
Missguided is lining up administrators as the online fashion brand teeters on the brink of a potential collapse (Missguided/PA)

Fast fashion firm Missguided has fallen into administration after failing to secure a last-minute buyer.

The business called in administrators from Teneo after it was issued with a winding-up petition by suppliers owed millions of pounds.

The insolvency specialists are now seeking to sell the business and assets of the retailer, which employs around 330 staff from its Manchester base.

Missguided was founded in 2009 by Nitin Passi and grew rapidly amid rising demand for online fashion.

However, the company was hit hard by surging supply costs, wider inflationary pressures and waning consumer confidence in the increasingly competitive market.

Boohoo had been in talks to buy the business in a pre-pack administration deal, while Asos and JD Sports were also reported to have been interested.

Administrators said the business will continue to trade while they seek to sell off assets and stressed that there has been a “high level of interest”.

Gavin Maher, of Teneo, said: “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.”

Last autumn, Missguided was saved in a takeover by investment firm Alteri, which announced redundancies in December as part of a turnaround plan.

However, 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.