High-end lingerie firm Agent Provocateur could be heading for administration.
The brand, which was founded by Vivienne Westwood’s son and is popular with celebrities including the Kardashians, has suffered weak sales in recent years, hit by a slow-down in luxury high street spending.
It is currently majority owned by private equity firm 3i, which has reportedly been trying to sell the company.
The Guardian on Thursday reported that restructuring firm AlixPartners has now been appointed to lead a sale process.
The paper reported that bids for the company were tabled late last week with about five bidders thought to include Lion Capital, the former private equity owner of La Senza and American Apparel, and Alteri.
The Guardian said that advisers were looking for sums in excess of the £30m Agent Provocateur owes to its lenders, and that 3i is looking to finalise a deal ahead of a deadline for rent and rate payments which falls around late February or early March.
Agent Provocateur’s manufacturing operations includes suppliers in Britain, Asia, continental Europe and North Africa, according to Reuters.
The company says manufacturing in Britain and Europe has declined over the last decade but it continues to use European laces, fabrics and trims where possible, Reuters reports.
