Missguided preparing to sell stake in company for first time

Missguided Founder and owner Nitin Passi is reportedly preparing to sell a stake in the company for the first time, appointing City advisors Rothschild to find potential investors.

According to ThisIsMoney, market sources have said the initiative could raise as much as £100 million, which would be used to help the business expand further.

Nitin Passi told the financial site: "I've done this for 12 years without raising money. We've had some issues but they are now behind us and we've got our magic back.

"We can still grow this business as we are but we want to grow the business more aggressively. This is not for me to take money off the table, we want to put money into the business."

Passi added that he expects turnover to be "closer to £400million" this year with a focus on UK and US growth, as Missguided's customer "has been starved of her normal life" and is ready to party and travel.

In January, the business expanded into the beauty market with an affordable and inclusive range of almost 150 individual products. Last week, Missguided announced the launch of its new homeware collection, Missguided Home.