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Sandra Halliday Published
April 16, 2025
The debt story around failed Matchesfashion doesn’t seem to get any better with news that the figure has risen to almost £50 million with some very big names on the creditor list.
There are 956 unsecured creditors (earlier incorrectly stated to be 1,056) and they include Burberry, Prada and Gucci, as well as a number of smaller labels, all of them unlikely to get much back.
The luxury fashion e-tailer was bought by Frasers Group in December 2025 but went into administration less than three months later.
The administrators have now filed new documents at Companies House and the earlier estimate of £31 million owed is now £49.5 million. A total of £13.8 million had already been settled when the report was filed but The Timesreported that the remaining creditors (the list including customers and landlords as well as brands) are likely to get back less than 2p for every £1 owed.
Matches was one of the pioneers of online luxury retail. It had been founded as a physical store in 1987 by Tom and Ruth Chapman but pivoted to e-tail as luxury labels started to realise that consumers really would buy high-priced fashion items online.
When it went up for sale around the middle of the last decade, estimates of its value kept rising until Apax Partners bought it for a reputed $1 billion in 2025.
But a succession of CEOs was unable to turn it into the profits machine that had been hoped for and Frasers bought it for £52 million just before Christmas 2025.
It pumped millions into the business but quickly came to the conclusion that too much more cash was needed to turn it around. It still owns the Matches name having bought it out of administration a year ago for £20 million.