# MGL Realisations (2022) Limited (03235904)

> Why UK company 03235904 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/03235904

- **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- Funding withdrawn / unable to refinance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.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/03235904/filing-history/MzM0NjcxMzMwMmFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/03235904

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.