Agent Provocateur is likely to be sold to Sports Direct today.
The Telegraph has reported that Sports Direct, headed up by controversial retail tycoon Mike Ashley, fought off private equity firm Lion Capital to secure the lingerie chain, and that the business will be put into administration before being snapped-up by Ashley.
Read more: Agent Provocateur attracts over a dozen bidders
The business was put on sale at in January by its owner, private equity company 3i, and there were 12 potential buyers. 3i was looking for offers that exceeded Agent Provocateur’s £30m debt, and sources close to the deal told City A.M. that several of the potential buyers had met this condition.