Since Frasers Group plc (LON:FRAS) acquired MATCHES, the business has consistently missed its business plan targets and, notwithstanding support from the Group, has continued to make material losses.
Whilst MATCHES’ management team has tried to try to find a way to stabilise the business, it has become clear that too much change would be required to restructure it, and the continued funding requirements would be far in excess of amounts that the Group considers to be viable.
In light of this, Frasers Group has been informed that the directors of MATCHES have taken the decision to put the MATCHES group into administration. Frasers remains committed to the luxury market and its brand partners.
