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Frasers Group PLC announced on 7 March 2024 that the directors of its acquired business, MATCHES, have decided to put the MATCHES group into administration. This decision follows MATCHES consistently missing its business plan targets and incurring material losses since its acquisition by Frasers Group.
| Date | 8 Mar 2024 |
| Time | 07:00:01 |
| Category | Miscellaneous |
| ID | 0751G |
Date: 7 March 2024
FRASERS GROUP PLC
We note recent press coverage in relation to MATCHES. Since Frasers Group plc ("Frasers" or "the Group") 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 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.
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FRASERS GROUP PLC |
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Robert Palmer, Company Secretary LEI: 213800JEGHHEAXIJDX34 |
T. 0344 245 9200 |
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Chris Wootton, Chief Financial Officer |
T. 0344 245 9200 E. financial@frasers.group |
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Ronnie Laffar, Group Head of Communications |
T. 07931 841082 E. fgpr@frasers.group |
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Andrew Kasoulis, Investor Relations Director |
T. 07826 532191 E. investor.relations@frasers.group |
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Rosie Oddy, Brunswick Group, PR Advisors |
T. 07734 861279 |