Luxury clothing brand Matchesfashion to enter administration

New owner Frasers Group decides it is unwilling to fund turnaround

The luxury clothing retailer Matchesfashion is to enter administration after its new owner, Mike Ashley's Frasers Group, said it was not willing to fund a turnaround.

Matches was acquired by Frasers just three months ago for 52m in cash from private equity firm Apax Partners but the business has consistently missed its business plan targets" and made losses, Frasers said.