MGL Realisations (2022) Limited (03235904): administration
- Status
- Administration ended
- Administration began
- 2022-05-30
- Administrators
- Benjamin Dymant, Daniel James Mark Smith, Daniel Francis Butters
- Administrators' firm
- Teneo
- Formerly
- Missguided Limited; Canyontide Limited
- Incorporated
- 1996-08-09
- Location
- Birmingham
- Industry
- 47190 Other retail sale in non-specialised stores
Why it went into administration
- COVID-19
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Rising costs / inflation
From the administrators' statement
Reasons for Group failure & financial distress
Missguided was founded in 2009 by Nitin Passi and grew rapidly. As with many online retailers, it experienced strong growth during lockdowns as a result of COVID-19 with revenue peaking in 2021 at £287m.
However, following the easing of COVID-19 lockdown restrictions, the Group experienced a softening of customer demand reflecting a rebalancing in the sector between online and physical retail shopping habits.
Administrators' statement of proposals (2022-07-29) · Companies House register