Sports Direct, the retailer owned by billionaire Mike Ashley, is tipped to buy Agent Provocateur, the struggling luxury lingerie brand which is facing administration.
Agent Provocateur is expected to enter administration later today after its owner, private equity group 3i, failed to find a buyer, according to two people briefed on the process. They said that Sports Direct was likely to buy the business and that some job losses were expected.
Sports Direct was likely to pay between £25m and £30m for the business, they said.
3i declined to comment. Sports Direct could not be reached for comment.