Mike Ashley's Frasers Group has revealed that it has bought out the fashion retailer Missguided out of administration.

It was only on Monday (May 30) that Missguided brought in the administrator Teneo after a rescue bid failed to come in, due to the fashion retailer owing millions of pounds to clothing suppliers.

Brands like Boohoo, Asos and JD Sports had been in the running to buy Missguided, but a deal could not be finalised.

Now Ashley's Fraser Group, which owns other retailers such as Sports Direct, House of Fraser, Jack Wills, GAME and more, has stepped in to buy the company.

It has bought the intellectual property of the retailer and sister brand Mennace for around £20 million.

Additionally, it confirmed that Missguided will continue to be operated by administrators for a transition period of around eight weeks.

Frasers said it then intends to continue to run Missguided as a “standalone” brand within its 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 Frasers Group’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.”