Fri, 03 Mar 2017 | BUSINESS SALE
Mike Ashley, the owner of Sports Direct, has acquired collapsed lingerie firm Agent Provocateur in a controversial deal reported to be worth around £31 million.
Private equity group 3i, which acquired the struggling retail chain in 2007, sold it to Four Holdings, an investment vehicle owned by Ashley.
Agent Provocateur has 10 stores in the UK, employing around 600 people. It was sold via a pre-pack administration, where the buyer acquires the assets of the company but not its liabilities.
The deal has proved controversial, with Agent Provocateur co-founder Joe Corre, the son of fashion designer Vivienne Westwood, accusing 3i of a “spectacular disaster”.
“It is the worst possible outcome and something 3i will never be able to recover from. 3i's business model is to find growing companies and invest in them, before selling them,” Corre, who founded Agent Provocateur with his ex-wife Serena Rees in 1994, said.
"But they have had a spectacular disaster. It's due to their arrogance in thinking they know what they are doing."
Ashley’s move seems likely to be part of a plan to head into upmarket fashion retail. He already has an 11 per cent stake in French chain French Connection and late last year he sold the rights to iconic British sportswear brand Dunlop to a Japanese tyre firm.
It was reported that the Dunlop sale happened because Sports Direct had complaints from some of its higher-end supplier, like Nike and Adidas, that their products were being sold alongside goods from ‘lower quality' brands like Dunlop and Slazenger.
Find businesses in administration.
You can subscribe with Business Sale Report here
This leading concrete solutions and grab hire company offers a strong market presence across Scotland, underpinned by a diverse fleet of vehicles and a skilled workforce. With a robust client base spanning multiple sectors and an impressive forward o...
This unique opportunity in Mid Glamorgan offers 33 letting bedrooms, leisure facilities, and a self-contained holiday let, all set within 3.38 acres of beautifully landscaped gardens with planning consent for extension.
FREEHOLD
Cardiff City Centre Hotel presents a prime investment opportunity with its central location and IHG branding, offering 122 air-conditioned bedrooms. A standout feature is the 6th-floor restaurant, bar, and roof terrace, which provide stunning city vi...
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.