MISSGUIDED SEEKS SUITORS AS IT TEETERS ON THE BRINK

MISSGUIDED has put retail giants on alert over a takeover as the fast fashion house fights to stay afloat.

The Manchester business founded 12 years ago by millionaire Nitin Passi (pictured, centre), has enlisted consultants to help with a deal that could be clinched this month.

Asos, Chinese firm Shein, JD Sports, Mike Ashley’s Frasers Group and the billionaire Issa brothers – the owners of Asda – are said to be interested.

Private equity giants are circling and sales documents have been sent to the likes of CVC and Carlyle.

Last year Missguided was saved from devastating supply chain disruption by investor Alteri, which gave it £53m and took a 50pc stake. Alteri could hand over more this month.

Passi last month stepped down as chief executive at the online-only firm which was among retailers accused in a 2017 TV documentary of paying staff £3-£3.50 an hour.

Alteri told the Daily Telegraph: ‘Missguided has appointed Teneo to manage a sales process, which has already attracted interest from several potential buyers. Alteri continues to support the business financially and operationally.’