// Missguided accused of misleading creditors after stating that its business made “substantial operational progress”
// An angry supplier said it was misled by company executives, which assured the company that the retailer had no debts
Missguided has misled creditors, including out-of-pocket suppliers, after stating that the business had made “substantial operational progress” earlier this year, according to one angry manufacturer.
Missguided chair Ian Gray said on 20 April that “Missguided has made substantial operational progress since receiving new investment at the end of 2021, placing us on a sounder footing in a very short space of time”.
He added that Missguided was “now in a position to accelerate plans to explore strategic options for the business”.
The director of family-run suppliers producing garments for men, ladies, and children, told Retail Gazette that he was also told in a meeting with Missguided sourcing director Nicola Gray in late April that the company had no debts.
The supplier said: “They did not try to stop or reduce their exposure with trade creditors and kept ordering more goods and asked us to get more goods shipped.”
READ MORE: What’s next for Missguided under Frasers Group?
The supplier said Missguided tried to take deliveries of goods on 11 May when a winding up petition was issued on the same day.
He also said that the company had not been paid by Missguided, despite goods continuing to be sold, even when Missguided was in adminstration.
Teneo was appointed around 20 April to help sell the business but was appointed as administrator last week.
Alteri declined to comment and Teneo did not respond to request to comment.
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