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Acquisition of Matches IP Assets by Frasers Group through Administration Buyback


Acquisition of Matches IP Assets by Frasers Group through Administration Buyback

Acquiring the intellectual property of Matches, Frasers Group excluded the £80m worth of inventory and its workforce of 250 employees.

The deal, brokered by administrators appointed by Teneo, was finalized by Frasers Group, led by Mike Ashley, who confirmed the acquisition of specific intellectual property assets for an undisclosed sum on Monday.

As per the terms, Frasers has granted administrators the authority to liquidate Matches’ inventory for administration purposes, which does not fall under the purchased assets.

The official statement from the Frasers Group explicitly stated that all merchandise owned by Matches was not part of the transaction, while administrators supervise operational activities for administration objectives.

After purchasing the luxury e-commerce platform from Apax Partners for £52m, Frasers placed Matches into administration just last month.

According to a report by the administrators, Matches has outstanding debts exceeding £36m owed to 500 unsecured creditors, with prominent luxury brands such as Burberry, Gucci, Prada, and Saint Laurent, most likely to receive only partial reimbursements.

Despite receiving 11 offers for Matches, none of the bids were deemed feasible following a comprehensive marketing campaign conducted by the administrators.

The former CEO, Nick Beighton, criticized the decision to subject the company to administration, believing it was an unnecessary move and that there still existed potential for rejuvenating the e-commerce platform.

Image Source: T. Schneider / Shutterstock

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