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Sports Direct owner Mike Ashley buys Agent Provocateur out of administration

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L'agent Provocateur

L'agent Provocateur

L'agent Provocateur

Mike Ashley has slipped into the lingerie market by acquiring struggling retailer Agent Provocateur out of administration.

The billionaire Sports Direct owner has picked up the firm, which has 10 stores in the UK and employs around 600 people, via a pre-pack administration.

The pre-pack process involves a pre-arranged buyer cherry-picking the best assets of a firm at a knockdown price immediately after its collapse.

Mr Ashley, who also owns Newcastle United, has bought the retail chain from private equity firm 3i through his investment vehicle Four Holdings.

In a statement, administrator AlixPartners said: "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."

PA Media