Frasers Group has purchased Matches’ intellectual property from administration without including its £80m stock or 250 employees.
The group, controlled by Mike Ashley, announced on Monday it had reached a deal with Teneo administrators to buy specific intellectual property assets for an undisclosed amount.
As part of the agreement, Frasers has given administrators a license to sell Matches’ stock to support administration activities. The stock is not part of the acquisition.
The statement from the Frasers Group clarified that all stock held by Matches is excluded from the deal, and the administrators are overseeing the business operations for administration purposes.
Last month, Frasers placed the luxury e-commerce platform into administration shortly after acquiring it for £52m from Apax Partners.
An administrators’ report revealed that Matches owes over £36m to more than 500 unsecured creditors, including luxury brands like Burberry, Gucci, Prada, and Saint Laurent, with most expected to receive minimal repayment.
Despite receiving 11 offers for Matches last month, no viable bids were submitted following an extensive marketing effort, according to administrators.
Former CEO Nick Beighton criticized the company’s administration as avoidable, believing there was still potential to revive the e-commerce platform.
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