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I Saw It First was bought for £1

isawitfirst

Frasers Group acquired Manchester online fashion retailer, I Saw It First for £1, according to new figures released today.

The company owed £13m to its shareholders and this debt was transferred to Frasers Group.

When the deal went through over the summer, details of the financials weren’t made public.

However, this morning, Frasers Group released its Interim Results revealing the full details of its transactions.

The results also show that it paid £30.8m to acquire “certain intellectual property, freehold property and inventory” of Missguided a month earlier.

Missguided Limited and Mennace Limited were in administration at the time, but Missguided (IP) Limited wasn’t.

Group-wide Frasers Group saw its revenue increase 12.7%, mainly through acquisitions. Profits before tax were £284.6m.

“We will continue to elevate our stores and business in 2023, both organically and through disciplined acquisitions,” stated non-Executive Chair, David Daly.

“A new Flannels flagship store is planned for Leeds, and a Sports Direct flagship store in Manchester. The Flannels store roll out strategy to offer our consumers a luxury retail experience in key locations around the country also continues with approximately 6 stores to open in 2023.  With the support of our brand partners, our European expansion strategy will continue with a number of opportunities currently being assessed.”

Talking about the acquisition of Lancashire-based Studio Retail, which was bought at the turn of the year, he added:

“The Studio Retail acquisition supports the strategy for bringing a credit offering to our customers.  Taking this skillset and capability, we have just launched our Frasers ‘Plus’ product in our Cruise and House of Fraser fascias and associated websites. This will roll out across the majority of the Group, including Sports Direct and Flannels, in 2023.

“In Premium Lifestyle the acquisitions of Missguided, I Saw it First and Mysale in the half expands our digital offering and brings short lead time sourcing and further social media marketing expertise to that segment and the Frasers Group.”

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