Missguided suppliers short-changed

MISSGUIDED suppliers will be paid just a tiny fraction of the money that is owed to them after the fast fashion brand collapsed in May.

The online retailer, famed for a promotional £1 bikini sale during the TV programme Love Island in 2019, went bust owing suppliers £30m.

Its total debt pile was worth £80m when it collapsed, according to a report from its administrators. And the report, seen by the Guardian newspaper, showed Missguided will pay out less than 1.7p for every pound it owes factory owners supplying the brand.

One supplier said it was a ‘massive kick in the teeth’.

Mike Ashley’s Frasers Group picked up Missguided, founded by Nitin Passi, out of administration in a £20m deal last month. Weeks later Frasers said Passi would join as Missguided’s chief executive.