I Saw It First purchase price and debt levels revealed
It was purchased for just £1 by Frasers Group but the failed online fashion retailer I Saw It First owed £13 million to its shareholders at the time of its collapse.
During the acquisition in July, the value of the deal was not disclosed but came to light for the first time as part of Frasers Group's six-month results, reported Business Live.
Frasers Group has also confirmed that as part of the deal, a debt transfer took place that transferred the £13 million loan to the group, which became the new lender.
Since Frasers Group took over the company, it has reported revenue of £5.6m and a pre-tax loss of £5.8m.
At the time of the deal, Frasers Group said "I Saw It First will benefit from the strength and scale of Frasers Group's platform and from the integration with Frasers' recently acquired business, Missguided."
I Saw It First, set up by Jalal Kamani, the brother of Boohoo co-founder Mahmud Kamani, became an official partner of hit ITV show Love Island in 2019. According to ITV, the deal helped it add a quarter of a million new customers. The brand says its customer base now stands at three million.
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