Agent Provocateur sells to Mike Ashley’s Four Holdings

Sports Direct’s Mike Ashley has bought Agent Provocateur after the luxury lingerie brand went into administration today. Restructuring firm AlixPartners confirmed that it sold the retailer to Ashley’s investment vehicle Four Holdings. According to the Financial Times, Sports Direct had planned to pay between £25m and £30m. In February, AlixPartners said private equity firm 3i, which bought Agent Provocateur in 2007, was looking at future options for the brand and that five parties had put in bids for the company. Peter Saville, managing director and retail restructuring lead at 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.” Three years ago, 3i had tried to sell the brand for as much as £250m, but wrote down the value of their 80% stake in the company by £39m in 2016 amid struggling sales figures and restructuring plans. • To send feedback, e-mail karl.tomusk@estatesgazette.com or tweet @ktomusk or @estatesgazette