Shirebrook-based retail giant Frasers Group has reached an agreement with the joint administrators of online fashion retailer Matches to acquire certain intellectual property assets.
The transaction was completed following a marketing process by the joint administrators. Under the terms of the transaction Frasers Group has granted a licence that allows the administrators to sell the stock Matches holds through a period of continued trading.
Frasers Group acquired the Matches business, which had been loss making in recent years, at the end of 2023 in a £52m deal. At the time it said the acquisition would be an opportunity to further develop Frasers’ Elevation Strategy and strengthen its luxury offering.
By March, however, Matches had been put into administration, with Frasers Group saying it consistently missed its business plan targets and continued to make material losses.
At the time Frasers Group told the London Stock Exchange: “Whilst MATCHES’ management team has tried to try to find a way to stabilise the business, it has become clear that too much change would be required to restructure it, and the continued funding requirements would be far in excess of amounts that the Group considers to be viable.
“In light of this, Frasers has been informed that the directors of MATCHES have taken the decision to put the MATCHES group into administration. Frasers remains committed to the luxury market and its brand partners.”
