Sports Direct tipped to buy Agent Provocateur

Sports Direct, the retailer owned by billionaire Mike Ashley, is tipped to buy Agent Provocateur, the struggling luxury lingerie brand which is facing administration. 3i's investment has not paid off and the firm has been looking to sell Agent Provocateur for several years. Simon Borrows, 3i's chief executive, has highlighted an "Inconsistent" store expansion, declining spending in the luxury sector and accounting issues as crippling factors contributing to the decline of Agent Provocateur. Last November 3i said: "We are supporting the new management team to put in place a new strategic plan, which involves a restructuring of the business. Agent Provocateur is still a valuable brand and, as part of this restructuring, we have provided further investment of £4m in the quarter to 30 September 2016.". Before going into administration, up to 30 per cent of Agent Provocateur stores were set for closure.

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