Missguided suppliers expected to get just 2 percent of 30 million pounds owed

Missguided suppliers are expected to receive just 2 percent of the 30 million pounds they are owed by the fast fashion retailer’s main trading entity.

According to an administrators’ report sent to creditors and seen by The Guardian, the group will pay out less than 1.7p for every pound owed to its suppliers.

Missguided had racked up debts of more than 80 million pounds when it collapsed in May, up from 57 million pounds in 2021.

Unsecured creditors are also owed 46 million pounds, which includes money owed to suppliers, HMRC, and employees.

Like many fashion retailers, Missguided was hit hard during the pandemic due to store closures and the end of social events.

Sales at its main trading entity fell from 282 million pounds in 2021 to just over 198 million pounds in 2022, white its underlying loss before debts and accounting adjustments widened from 10 million pounds to 37 million pounds.