Agent Provocateur lender Barclays prepares to take control; Endless and Alteri Investors interested in takeover - report
Agent Provocateur’s lender Barclays is poised to take control of the UK-based lingerie retailer unless a buyer is found within days, The Sunday Times reported. The newspaper cited City sources speaking this weekend for the information.
Agent Provocateur’s owner, the private equity firm 3i [LON:III], began a sale process for the retailer this month, the item said. However, some of the bids that have been submitted are believed to be lower than the retailer’s GBP 30m (EUR 35.1m) debt, the report said, adding that 3i is looking to secure a slightly higher price.
Interested parties include the turnaround specialist Endless and Alteri Investors, which has backing from the buyout group Apollo Global Management, according to the newspaper.
The entrepreneur Theo Paphitis, owner of rival lingerie retailer Boux Avenue, has been approached regarding a deal, the item added.
It is expected that 3i and Barclays will choose a couple of preferred bidders this week, the article said.
The restructuring firm Alix Partners is set to advise the firm in the event that Barclays takes control, according to the report.
3i last week described Agent Provocateur’s trading in December as “subdued,” the newspaper said. The item added that the accountancy firm KPMG is reviewing Agent Provocateur’s accounts.
Background:
The Financial Times reported on 3 January that 3i had hired the investment bank Rothschild to advise on a potential sale process for Agent Provocateur and that Alix Partners was advising 3i on options to improve the retailer’s performance.
The Financial Times reported on 3 January that 3i had hired the investment bank Rothschild to advise on a potential sale process for Agent Provocateur and that Alix Partners was advising 3i on options to improve the retailer’s performance.