(Alliance News) - Frasers Group PLC on Monday said it has reached an agreement with the joint administrators of online fashion retailer Matches Fashion Ltd to buy its intellectual property assets.

Frasers is a Shirebrook, England-based owner of the Sports Direct, Frasers and Flannels retail brands. Its shares closed up 3.1% to 820.50 pence each in London on Monday.

Frasers said the transaction has been completed following an "extensive marketing process by the joint administrators."

"Brands and suppliers should be aware that all stock held by Matches does not form part of the transaction and the joint administrators continue to manage all operations of the business for the benefit of the administration," Frasers noted.

Earlier on Monday, it said is has started a new share buyback programme equal in size to one just completed.

The buyback programme, worth up to GBP80.0 million, will run until July, which is when it will report its annual results for the financial year that concluded on Sunday.

In addition to the maximum spend of GBP80.0 million, Frasers said it will buy back no more than 10.0 million shares.

By Sophie Rose, Alliance News reporter

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