Wednesday, December 13, 2017

Bids flood in for Agent Provocateur

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Agent Provocateur has received over a dozen offers after being put up for sale by its owner earlier this month, according to City AM.

Its private equity owner 3i put the struggling lingerie company up for sale at the beginning of January following a costly accounting mishap and poor trading over December. 

The value of the retailer is thought to have dropped by around £39 million and prospective buyers were anticipated to be scarce.

Despite this, offers have entered double digits with the firm seeking over £30 million for the company to buy out its outstanding debts. Many offers are thought to exceed this.


READ MORE: Agent Provocateur begins challenging sale process


Among the prospective new owners are Endless LLP which made its name turning around the ailing Crown Paints, which now turns a £20 million yearly profit.

Other offers come from the likes of rival lingerie brand owner and former Dragons Den star Theo Paphitis, who owns Boux Avenue. 

Alteri investors are also thought to have entered a bid.

Should a deal not be reached with any of the numerous bidders, its lender Barclays will step in and take control of the company.

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