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Agent Provocateur suppliers out of pocket

Suppliers to Agent Provocateur will reportedly receive just 2.9p in the pound following its controversial pre-pack administration.

The chain’s unsecured creditors are owed £20.7m in total, documents seen by The Times show.

About 350 unsecured creditors are listed, including overseas garment manufacturers, property companies, law firms and local councils.

The main unsecured creditor is private equity firm 3i, which bought a majority stake in the chain from co-founders Joe Corré and Serena Rees in 2007 for £60m. It is not clear how much they have lost as a result of the administration.

Secured creditor Barclays will be paid back most of the £27m it is owed.

Agent Provocateur was bought out of administration by Four Holdings, parent company to distributor Four Marketing, for £31m at the beginning of March. At the time, the retailer had 11 stores and concessions in the UK and about 90 overseas.

 

 

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