Wed, 14 Dec 2011 | ADMINISTRATION
Lingerie retailer La Senza, owned by private equity firm Lion Capital, has appointed KPMG to assess its restructuring options.
A move into administration, a CVA that would involve closing some stores, or securing new funding are some of the options to be considered. A break-up is another option.
Lion Capital bought La Senza from entrepreneur Theo Paphitis for £100 million in 2006. Mr Paphitis, who appears in Dragons’ Den on TV, established a new lingerie firm this year called Boux Avenue.
Over 2,600 people are employed at the 158 La Senza stores across the UK, which sell women’s lingerie and nightwear. It has won several awards for its products over the past decade including ’Sexiest Lingerie’ at the Cosmopolitan High Street Fashion Awards 2011.
La Senza reported a turnover of £140 million for its last financial year.
Speaking to the Financial Times back in 2008 Mr Paphitis said of his purchase of La Senza: “I paid £1 and two packs of Benson & Hedges for it 10 years ago, which gave me 60 per cent of the company.
“It was losing £10m a year at the time. I sold it two years ago for more than £100m. We made a profit in year one.”
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