This is a phenomenal stitch-up. This is bad practice at its worst. However, the format of the deal as a pre-pack administration means that funding 3i invested to help Agent Provocateur battle against sluggish sales last year will be paid to the creditors of the brand, although 3i is unlikely to get any of the proceeds from the deal. He states that Ashley is set to "pick at the carcass" of Agent Provocateur and only aims to "the keep the brand and the stock and nothing much else.
Troubled lingerie chain Agent Provocateur has attracted more than a dozen bidders, according to reports. Site powered by Webvision Cloud. Skip to main content Skip to navigation.
All Agent Provocateur articles. Mr Ashley appears keen to target more upmarket fashion retail, moving away from the cheaper end of the High Street. Sports Direct chairman survives revolt. Image source, Reuters. What is a pre-pack administration? A pre-pack administration is one in which the insolvent company has already lined up a buyer for its profitable assets before it enters administration, allowing a sale within days.
It allows a firm to write off its debts and helps it close down loss-making parts of the business. Critics say pre-packs "stitch up" unsecured creditors and can allow directors to shed liabilities and buy back the business under a new company.
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