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Bankrupt lingerie chain Agent Provocateur will leave more than £20 million in unpaid debts, according to AlixPartners, which is handling the administration of the firm. Its recent filing with Companies House reveals unsecured creditors are owed £20.7 million, yet AlixParnters estimates it will only be able to recover around £600,000. The underwear business, first launched in 1994, fell into difficulty last year "following a downturn in the wider market and the discovery of accounting irregularities in August 2016," AlixPartners' report said. Agent Provocateur's biggest unsecured creditor is believed to be 3i, the private equity company that bought the business in 2007 for £60 million. Around £15.3 million of the unsecured debts are to inter-company creditors and the AlixPartners report says 3i provided "significant further funding to the group on an unsecured basis between August 2016 and January 2017."

agent provocateur

See : http://uk.businessinsider.com

Peter Crush for Consultor.news

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