CAPA appointed on luxury lingerie retailer
CAPA has been appointed by Alix Partners, the turnaround specialist, to provide full property and accounts payable audit services for lingerie retailer Agent Provocateur - which is in administration.
Agent Provocateur was sold in a pre-pack administration in March by Alix Partners to Four Holdings, an investment vehicle part owned by Mike Ashley, founder and owner of Sports Direct.
Four Holdings is the parent company of Four Marketing, a fashion agency that runs websites for luxury brands and holds their flagship stores.
CAPA has been instructed to undertake forensic audits on a portfolio of eight Agent Provocateur stores.
This will involve a forensic analysis of the retailer's vast property outgoings and data on invoices owed to the business.
CAPA’s auditors will use bespoke software to uncover multiple elements such as errors in utility bills, or ‘overspend’ by the companies on various payments. This in turn will help generate cash to pay Agent Provocateur’s creditors.
