// Frasers Group acquired the entire share capital of online fashion retailer I Saw It First for cash consideration of one pound
// Mike Ashley’s Frasers Group snapped up the fast fashion retailer back in July
In its most recent financial report, Frasers Group revealed it had acquired the entire share capital of I Saw It First for cash consideration of one pound, a sum that was not originally disclosed.
Additionally, the retail giant stated that, at the time of the acquisition back in July, the online fast fashion retailer owed £13 million pounds to its shareholders.
It noted that, as part of the transaction, the debt had been transferred to the group as a loan, making Frasers the new lender.
Since the group took over, I Saw It First reported revenue of £5.6 million and a pre-tax loss of £5.8 million.
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Earlier this month Frasers Group posted a 53% rise in half-year profits to £284.6 million thanks to strong acquisitions, but warned that the macro-economic outlook remains “challenging”.
Its half-year profits rocketed 53% to £284.6 million as its new acquisitions including Missguided and Studio helped boost sales.
The Mike Ashley-controlled retailer, which owns Sports Direct, Jack Wills, Game and Evans Cycles, said the rise in profits was largely due to the new businesses it had brought into the group.
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