Connect with us

Hi, what are you looking for?


Sports Direct’s Mike Ashley buys Agent Provocateur out of administration

Agent Provocateur, the high-end lingerie chain popular with celebrities, entered administration on Thursday and was immediately snapped up by Mike Ashley, owner of discount retailer Sports Direct.

AlixPartners, who had been appointed to manage the restructuring and administration, said in a short statement that it had sold the group to Four Holdings, Mr Ashley’s investment vehicle, but declined to reveal the terms of the deal.

“We would like to thank all the staff and stakeholders for their support during this process and we wish the business and its new owners all the best for future,” said Peter Saville, AlixPartners’ retail restructuring lead.

Earlier on Thursday, the Financial Times had reported that Sports Direct would likely pay between £25m to £30m for the company which up until now had been owned by private equity group 3i.

3i last November wrote down the value of its 80 per cent stake in the group by £39m.

Agent Provocateur was founded in 1994 by Joe Corré, the son of fashion designer Vivienne Westwood, and quickly grew into a global brand popular with celebrities including the Kardashians. It operates more than 100 stores but has for years been suffering weak sales hit by a slow-down in luxury high street spending.

3i also blamed accounting issues and an inconsistent execution of a store expansion programme, for the chain’s under performance, according to Reuters.

Sports Direct is recovering from its own string of management and governance failures after it was condemned by MPs last year for its treatment of workers, including paying some less than the minimum wage for shifts at its warehouse.

Advertisement. Scroll to continue reading.


You May Also Like


Professing to be the lead in Thai relationship with over 1.5 million enrolled single people, Cupid Media’s ThaiCupid brings the one in every of...


An exclusive article form Orestis Karipis In the 1930’s and 1940’s acid was the weapon of deceived husbands and wives in the Western world...


Read more about switzerland women here. Swiss ladies and men are not reknown for being the most chatty, outgoing or spontaneous when meeting strangers...


In food, if there is one thing you can say without fear of contradiction, it is this: Britain loves burgers. The UK market is...

Copyright © 2020 All Rights Reserved