Hudson Malta plc Group “already has a mitigation plan in place” for its Missguided store located in Baystreet, Paceville, after the UK fast fashion retailer’s financial woes led Frasers Group to buy the company out of administration last week.

The dramatic collapse came months after the company first reported financial difficulties last autumn. Private equity firm Alteri then bought a controlling stake in December, although it was not enough to save the struggling business.

Founded in 2009 by Nitin Passi, who left the company in April, Missguided has now closed down its online store and customer services, pending its integration into Fraser Group’s portfolio of companies, which include Sports Direct and House of Fraser. Fraser Group is owned by British billionaire Mike Ashley.

With Maltese fashion group Hudson Malta operating a store on the island, the listed company released an announcement to say:

“The Group has been following the issues with Missguided closely for some time and already has a mitigation plan in place for this store which will minimise any possible impact on the store’s operations.

“The store is insignificant in terms of contribution to the Group’s overall profitability and all steps deemed necessary to safeguard the Group’s interests resulting from contractual obligations presently in force with Missguided are being taken.”

Hudson Group represents several high street brands on the island, such as Urban Jungle, Intersport, Ted Baker, Timberland, Tommy Hilfiger, Crocs, New Look, Kiabi, Converse, Blackbox, Calvin Klein, Mango and Armani Exchange.