Dating agent provocateur
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.
Alix Partners, 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, Alix Partners' retail restructuring lead.
Therefore there are not significant numbers of pre-pack deals.
However, when they do take place, such as with Mike Ashley’s recent deal, they tend to receive attention.
The overall conclusion was that there is a place for pre-packs in the UK’s insolvency landscape and therefore, although they will probably remain controversial, they are here to stay.
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.
Adorned with delicate chandeliers, draping lace and velvet touches, the Mercer Street boutique is the perfect setting to while away the hours…
The buyer is often a new company with potentially uncertain future viability.
It then carries on the former business of the insolvent company having made a ‘fresh start’, while the debts of the insolvent company are dealt with by the Administrators.
Set in the heart of Soho, luxury British lingerie brand Agent Provocateur sits at home amid a plethora of legendary fashion houses.
Known for its craftsmanship, fit, playfulness and use of beautiful fabrics, Agent Provocateur’s luxurious offering is confident, sensual and irreverent.