Frasers Group, the shopping empire founded by Mike Ashley that owns House of Fraser and Sports Direct, has swooped in to save Missguided from collapse.

The company has acquired the embattled online retailer for £20m.

Frasers Group bought all of the related intellectual property of the women’s fashion brand after Missguided appointed Teneo on Monday to lead it through administration.

Its clothing suppliers are still owed millions of pounds.

Michael Murray, the boss of Frasers Group and son-in-law of Mr Ashley, said: “We are delighted to secure a long-term future for Missguided, which will benefit from the strength and scale of FG’s platform and our operational excellence.”

He added: “Missguided’s digital-first approach to the latest trends in women’s fashion will bring additional expertise to the wider Frasers Group.”

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