Friday, November 16, 2007

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 CorrĂ©, 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.

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