Fast fashion brand Missguided entered administration yesterday as it sought a buyer for the business.

But this morning, Frasers Group – the owner of House of Fraser and Sports Direct, announced it acquired the business for a cash consideration of £20m.

Following completion, the business will be operated by the administrator (Teneo Financial Advisory) under a transitional agreement for around eight weeks. It is then the intention that Missguided will operate as a standalone business within the Frasers group.

Michael Murray, chief executive of Frasers Group, 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.

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