Boux Avenue among 12 bidders battling for Agent Provocateur

Agent Provocateur has received at least 12 offers, including one from rival lingerie retailer Boux Avenue, after being put up for sale by its owner earlier this month, according to reports.

City AM reported that sources familiar with the retailer’s owner, private equity firm 3i, said that some offers are above the £30 million the firm is looking for, although others fall below.

The firm is seeking an offer greater than the £30 million of debt it holds.

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According to City AM’s sources, potential buyers are not limited just to turnaround funds but also include strategic bidders and some family offices.

As well as Theo Paphitis’ Boux Avenue, Endless LLP has also made a bid. But if no deal is reached, Barclays, the company’s lender, is expected to take control, according to the report.

It has been confirmed that Agent Provocateur shareholders and the board will make a decision on bidders later this week.

Agent Provocateur has been struggling since an accounting scandal regarding overstating profits and last week the chief executive’s future at the company was in doubt.

It is thought that the value of the lingerie retailer has dropped by almost £40 million and it was anticipated that few buyers would be attracted.

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