New documents show how debts at Manchester-based Missguided spiralled to £80m before collapse

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. READ MORE: Click here to sign up to the BusinessLive North West newsletter 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.