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La Senza administrators call in property agents

PricewaterhouseCoopers (PwC) has hired what is expected to be the first of several property agents to advise on the sale of La Senza’s 55 stores, after the lingerie business entered administration last week.

PwC has appointed Savills to start looking at the estate, which comprises several leases with different landlords. There are a number of properties in prime locations, including two on London’s Oxford Street, Westfield Derby, Bluewater and Trinity Leeds.

Savills director of retail Sam Foyle said there had been “very strong demand for” the portfolio – including some fashion names – although he declined to go into specifics and added it was “very early days”.

La Senza parent company Marnixheath Limited, which also operates frozen yoghurt brand Pinkberry, called in the administrators last Tuesday (July 1). Around 750 jobs are affected.

Although PwC is still looking to strike a deal for the business, it is not thought this is likely given the underlying reasons for La Senza entering administration – its second in two years.  

Sources have told Drapers that as well as being affected by the wider economy, the main factor in its demise was restrictions around stock being sent from owner and principal supplier Limited Brands.

One source said it was unlikely this would change for any future owners given that it had not for AlShaya, which bought it in 2012. It is now thought AlShaya will be the biggest loser, with debts of around £65m.

Limited Brands did not respond to requests for comment.

 

La Senza store list in full

Aberdeen

St Nicholas Shopping Centre

Basingstoke

Festival Walk

Birmingham

Middle Mall Bullring Centre

Bluewater

Lower Rose Gallery

Braehead

Braehead Shopping Centre

Brent Cross

Mall 5 Extension

Brighton

Churchill Square

Bristol Cabot Circus

Brigstowe Street

Bristol Cribbs Causeway

Lower Level The Mall

Bromley

The Glades Shopping Centre

Cambridge Grand Arcade

Grand Arcade

Canterbury

Whitefriars

Cardiff

Grand Arcade

Carlisle

English Street

Chelmsford

High Chelmer

Crawley

County Mall, Haslett Avenue

Derby Westfield

Eagle Centre London Road

Dundee

Overgate Centre

Edinburgh

Princes Street

Enfield

Hatton Walk Palace Xchange

Glasgow Buchanan Galleries

Buchanan Galleries

Hanley

The Potteries Shopping Centre

Huddersfield

Kingsgate Centre

Kingston

The Bentall Centre

Lakeside

Lakeside Shopping Centre

Leeds Trinity

Trinity Leeds

Leeds White Rose

White Rose Shopping Centre

Leicester

Highcross

Lincoln

Waterside Centre

Liverpool One

Liverpool One

London

Oxford Street

London

Oxford Street

London Westfield

Westfield London

Maidstone

Fremlin Walk Shopping Centre

Manchester

The Arndale Centre

Meadowhall

The Arcade Meadowhall Shopping Centre

Merryhill

The Merry Hill Centre

Metro Centre

Cameron Walk

Middlesbrough

Hill Street Centre

Northampton

The Grosvenor Centre

Norwich

Castle Mall White Lion Street

Nottingham

The Victoria Centre

Plymouth

Drake Circus Shopping Centre

Reading

The Oracle Shopping Centre

Romford

The Liberty Shopping Centre

Silverburn

Silverburn Shopping Centre

Solihull

Mill Lane Poplar Way Shopping Centre

Southampton

West Quay

Stratford

Westfield Stratford City

Trafford Centre

Peel Avenue

Tunbridge Wells

Royal Victoria Place

Uxbridge

The Chimes Shopping Centre

Wakefield

Wakefield Shopping Centre

Watford

The Harlequin Centre

York

Coney Street



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