The national lingerie chain is to be sold in a pre-pack administration deal later today, according to the Telegraph.
Owner of the national lingerie company, private equity firm 3i, had been looking for a suitable buyer over the last few months as a result of the business suffering from falling sales and rising debt. 3i had recently appointed AlixPartners to continue with the search amidst fears it would go into administration.
According to reports, Four Marketing (which the owner of Sports Direct, Mike Ashley, owns a 25% stake of) has put in an estimated bid of £27.5 million, beating private equity firm Lion Capital. Reports suggest Ashley has been trying hard to get hold of the upmarket retailer to add to his portfolio.
It looks like creditors may lose out, however, as the lingerie retailer is in debt of £30 million, says the Telegraph.
More on this to follow...