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(Sharecast News) - Frasers Group responded to fresh media reports over its acquisition of Matches on Friday, confirming that the brand was being shuttered just two months after acquisition.
The FTSE 100 retail and fashion conglomerate said that, despite its efforts to support Matches since its acquisition, the business had consistently fallen short of its targets and incurred significant financial losses.
It said that, despite attempts by Matches management to stabilise operations, it had become evident that substantial restructuring would be needed to salvage the business, with funding requirements surpassing what Frasers deemed viable.
As a result, the directors of Matches had decided to place the brand into administration.
Frasers acquired Matches in December for £52m, buying the company from Apax Partners.
Apax had paid £600m for Matches six years earlier when it bought the group from its founders, Tom and Ruth Chapman.
"Frasers remains committed to the luxury market and its brand partners," the company said in its short statement.
Reporting by Josh White for Sharecast.com.
