Frasers Group, owner of Sports Direct, has bought fast fashion brand Missguided.

It snapped up the online fashion retailer, which collapsed into administration on Monday (May 30), for £20m.

The group, which also owns House of Fraser, said it was "delighted to secure a long-term future" for the company, as reported by the BBC.

Missguided, which employs around 330 staff, has suffered from supply chain problems, rising costs and increased competition from rivals. Suppliers say it has millions of pounds of unpaid debts.

Frasers Group intends to run Missguided as a standalone business.

The Frasers Group is about to embark on a modernisation strategy, with plans to open 10 new flagship Sports Direct stores across the UK.

Missguided is the latest troubled brand to join the group, which has previously snapped up retailers including Game, Jack Wills and Evans Cycles in similar deals.