// Boohoo is reported to have entered exclusive talks to buy rival Missguided
// It is understood that Boohoo is eyeing a pre-pack deal
Boohoo is plotting a pre-pack rescue deal to buy rival Missguided, which is teetering on the brink of administration.
Boohoo has entered exclusive talks with Teneo, which is advising Missguided, and a deal to buy the fashion retailer could be imminent, according to The Times.
READ MORE: Missguided collapses into administration as it fails to secure rescue deal
The newspaper’s sources said that the deal has not been finalised and it was unclear whether Boohoo was interested in buying the Missguided brand or the whole business. Both Boohoo and Teneo declined to comment.
Missguided was served with a winding-up order last week by one of its suppliers. Police were also called to its head office in Manchester after suppliers accused the firm of leaving them millions of pounds out of pocket.
A spokesperson for Missguided said: “Missguided is aware of the action being taken by certain creditors of the company in recent days, and is working urgently to address this.
“A process to identify a buyer with the required resources and platform for the business commenced in April and we expect to provide an update on progress of that process in the near future.”
Passi’s departure comes just months after Alteri Investors, which specialises in distressed retailers, took a 50% stake in the fast fashion business.
It is understood that firms including JD Sports, Shein, Frasers Group and Asda have been mulling making an offer for Missguided.
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