La Senza’s private equity owner Lion Capital is understood to be close to agreeing a refinancing deal with its main creditor GSO Capital Partners and is pressing ahead with plans to return the lingerie chain to its original values - fashion lingerie for all ages.
Lion Capital has also drafted in Nick Mather, former chief executive of toy retailer Hamleys, as chief finance officer to strengthen its management team after the abrupt departures of director Theo Paphitis and interim managing director Malcolm Cooke last month. Paphitis, who has retained a minority stake in the business, took the helm in February following the sudden departure of then chief executive Rose Foster.
La Senza commercial director Beverly Williams said Lion Capital was committed to La Senza. The business is understood to have struggled when Foster launched a strategy to target a younger customer. Williams said: “We are refocusing back on the core product - lingerie and nightwear. We are also looking to attract back an older customer.”
Lion Capital declined to comment.