Frasers Group reveals it acquired I Saw It First for just one pound
In its most recent financial report, Frasers Group revealed it had acquired the entire share capital of online fashion retailer I Saw It First for cash consideration of one pound, a sum that had not initially been disclosed.
Additionally, the group stated that, at the time of the acquisition, the brand owed 13 million pounds to its shareholders.
It noted that, as part of the transaction, the debt had been transferred to the group as a loan, making Frasers the new lender.
Since the group took over the fast fashion site, it reported a revenue of 5.6 million pounds and a pre-tax loss of 5.8 million pounds.
The acquisition came as part of a flurry of takeovers by Frasers over the past year, with its most recent financial statement for the 26 weeks to 23 October, 2022, revealing insights into how each has played out.
In May, the group acquired the entire share capital of Danish sports retailer Sportsmaster Danmark for 900,000 pounds in a bid to help expand into the region.
At the date of the acquisition, the brand owed 15.3 million pounds to its previous parent company Sportsmaster Operations, with Frasers also becoming the lender for the company.
Frasers further acquired Missguided for 30.8 million pounds in June and later made a cash offer to acquire Mysale Group at a price of two pence per share.
Since the acquisitions, the group has reported Sportsmaster’s revenue to be at 36.3 million pounds, with a pre-tax loss of seven million pounds, while Missguided has seen as 5.2 million pound revenue and a pre-tax loss of 1.2 million pounds.