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Row over Agent Provocateur breaks out A row over the future of Agent Provocateur has broken out after it was placed in administration and then snapped up by Sports Direct tycoon Mike Ashley.
Joe Corre (pictured below) co founder of the luxury lingerie brand has blamed private equity owners 3i for running the business into the ground. He has accused 3i, which also owns fashion chain Hobbs, of chopping it up and selling it on. 3i was forced to offload the business after discovering accounting issues which related to wrong information being provided about costs and stock levels. Agent Provocateur co founder Joe Corre (right), son of fashion designer Vivienne Westwood (centre), attacked the 'pre pack' deal. But it failed to find a buyer, and yesterday Agent Provocateur fell into administration. It was bought by Four Marketing in which Sports Direct owns a 25 per cent stake. Corre, son of fashion designer Vivienne Westwood, attacked the sale. 'It is due to gross negligence and incompetence,' said the 49 year old. 'At every stage 3i has excelled in its incompetence and neglected its duty to shareholders. 'It is the worst possible outcome and something 3i will never be able to recover from. 3i's business model is to find growing companies and invest in them, before selling them. 'But they have had a spectacular disaster. It's due to their arrogance in thinking they know what they are doing.' 3i disputed the claims, and said it had invested 4m to support the management team's restructuring plan. It blamed a decline in the luxury market and over expansion for the demise. It also fought to how much are pandora rings salvage the brand and explored options for a solvent sale. But it could not be delivered in time. Corre blamed 3i for losing Agent Provocateur's sense of 'humour', and for letting the brand become too 'vanilla'. Corre co founded Agent Provocateur with his ex wife Serena Rees back in pandora jewelry charms 1994. The couple opened the first boutique in Soho, London, and oversaw its growth before selling the majority of their stake in 2007. Corre yesterday said he would have preferred a second bidder Quadro Capital to have taken on the business. Corre said this bidder had offered more than the 30m or so that Four Marketing is understood to have paid. He blamed 3i for losing napier jewelry Agent Provocateur's sense of 'humour', and for letting the brand become too 'vanilla'. Four Marketing has picked up the firm, which has 10 UK stores and employs 600 people, in a pre pack administration. This involves buying the best assets of the firm but none of the liabilities. Four Marketing has experience in luxury fashion brands, and is the biggest supplier to Ashley's upmarket fashion chain Flannels. Ashley paid 35m for a 25 per cent stake in Four Marketing in 2015. Charles Perez, of its parent company Four Holdings, said: 'The global status of this brand provides significant opportunities and we are excited to begin working to further grow the brand equity.' A spokesman for Sports Direct declined to comment on the claims made by australia pandora charm Corre, but said the company was 'fully supporting' of the acquisition. In a statement, 3i said: 'Since discovering the accounting issues, we have provided extensive support to the company, both financially and resources. 'We believe this is an isolated incident and that we have robust asset management processes in place across our portfolio of companies. 'It became clear that the business was not sustainable in its current form and the board appointed Rothschild to seek new investment for the business to allow it to continue.' It maintained that the sale of Agent Provocateur to Sports Direct/Four Holdings which was handled by Alix Partners on behalf of Barclays which is owed money by Agent Provocateur was the 'best outcome'. 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