More Flesh on the bones ...

Apologies to the few readers of this blog that my previous post announcing the sale of Agent Provocateur was thin on detail.
You'll understand that confidentiality rules apply and one has to wait for details to enter the public domain before commenting or confirming.
On the numbers provided, a sale price exceeding £60m looks very full but the business is well primed for a classic retail rapid roll-out. The aggregate, consolidated pre-tax profits for the year ended March 07 (accounts were filed last week) were £1.9m but quickly heading north.
The brand is capable of being a global luxury brand of sizable proportions.
Many more stores are planned but the role of digital media and its viral effect has been a significant factor in the brand being far bigger than the business at this stage.

Whilst both founders remained in the business, rapid expansion was impossible. The solution found is one that is perfect for the business and the strong management team that has developed over the past 5 years. 3i have made a very good buy.

Trust the Sunday Times to add the colour - and there is a lot of it.

From TAG's point of view a very successful exit but one which we would not have sought had the unfortunate breakup between the founders occurred a year ago.

A welcome exit from AP

Early yesterday morning, TAG sold its interest in Agent Provocateur.[See FT piece which is sort of accurate]. See also 3i announcement.
TAG held its stake via an investment syndicate which it put together in October 2002 to acquire 20% of AP from the founders. At the time the company had 4 shops.
This brings to an end a most fascinating and involving investment about which we have posted on previous occasions. MBE rejected, MBEs awarded,Kate Moss for AP.
FT.com featured the sale today. I particularly like this bit: "The last published accounts for Agent Provocateur show the business made a pre-tax loss of £207,831 for the year to March 2006 on turnover of £8.9m.
Mr Corré, who warned that he did not worry about financial detail, said he thought the following year had seen the company make a “profit of about £2m” and “£15m or £20m turnover”.
No doubt there will further column inches in the coming days. This company has a penchant for headlines.