Britain’s Frasers Buys Missguided For $25Million

British sportswear and fashion group Frasers (FRAS.L) has acquired online women’s fashion retailer Missguided out of administration, it said on Wednesday.

The group, formerly called Sports Direct and controlled by Mike Ashley, said it would pay 20 million pounds ($25.2 million) for Missguided’s intellectual property, which collapsed into administration on Monday.

The deal is the first for new Frasers CEO Michael Murray, who succeeded Ashley in that role last month.

-Reuters