Agent Provocateur is set to leave its suppliers with an unpaid bill of £20.7 million following its controversial pre-pack administration.
The failed lingerie brand’s unsecured creditors, including manufacturers, model agencies and its previous owner 3i, will receive just 2.9p to the pound, according to reports seen by The Times.
Meanwhile, its lender Barclays will recoup £27 million it is owed, suffering only a small shortfall.
Agent Provocateur’s biggest unsecured creditor is thought to be 3i, the private equity company that bought the chain in 2007 for £60 million.
However, the group has 444 unsecured creditors in total, including a Moroccan garment manufacturer that is set to lose over £500,000, a filing with Companies House from the chain’s administrator’s Alix Partners shows.
Agent Provocateur was sold to Sports Direct-backed firm Four Holdings last month after the company’s sales continued to plummet and it suffered an accounting scandal.
Joe Corré, the founder of Agent Provocateur, slammed the sale of the retailer by 3i, labelling it “a disgrace to British business”.
“3i’s reputation is going to be left in tatters,” he said. “I don’t think they will ever recover from this. This is a phenomenal stitch-up.”