Mon, 05 Sep 2011 | BUSINESS SALE
Luxury women’s underwear retailer, Agent Provocateur, has shaken up the ownership structure of its holding firm, which could possibly lead to a sale of the business.
The ten million shares have been divided into four times as much stock with different voting rights, a move that could lead the main shareholder private equity firm, 3i, to initiate a sale process. Documentation on the change shows that between now and 1 November 2012, 3i can request a redemption of shares.
Options for Agent Provocateur are understood to include a sale or a listing on the AIM market to recoup some of the £60 million 3i used to buy the retailer in 2007.
The latest move is said to have been to allow Agent Provocateur’s new chairman, Chris Woodhouse, to take up shares in the retailer, according to a 3i and Agent Provocateur spokesman, and that potential sale plans would not go ahead ‘in the short to medium term’.
Popular with Christina Aguilera and Paris Hilton amongst other celebrities, the erotic lingerie seller was launched in 1994 by Joseph Corre and his wife Serena Rees. It now trades in about 18 countries including the US, Hong Kong and Dubai. It operates in over 40 shops and concessions in Britain.
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