Agent Provocateur‘s unsecured creditors are to be left with a £20.7 million bill after the lingerie brand‘s contentious pre-pack administration.
According to The Times, the brand‘s suppliers will receive just 2.9p in the pound while its lender Barclays will recoup £27 million it is owed, suffering only a small shortfall.
These unsecured creditors include advertising, model and production agencies, manufacturers, law firms and property companies, as well as its previous owner 3i.
3i sold the chain to Four Holdings, in which Sports Direct has a 25 per cent stake, last month for £31 million after the company‘s sales continued to plummet and it endured an accounting scandal.
It is not clear how much 3i stands to lose from the administration, but it has stated it did not expect to make any recovery from the sale.
Co-founder of Agent Provocateur Joe CorrÃ© has criticised 3i for their handling of his company, after they purchased it from him for £60 million in 2007.
He said it had been “negligent and incompetent by artificially allowing a great British brand like Agent Provocateur to crash into administration”.
Agent Provocateur recently announced its store closures in Australia following the administration.