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Boux Avenue drafts in advisers from Deloitte

Lauretta Roberts
24 February 2020

Boux Avenue, the lingerie chain owned by Dragon's Den star Theo Paphitis, has drafted in advisers from Deloitte amid talk that it may close some stores.

The chain, which operates 30 stores, had been in negotiations with landlords to cut rents; a process which Paphitis had led himself.

It was reported over the weekend by The Times that Deloitte has been brought in to advise on a potential store closure programme via an insolvency process, though neither the retailer nor Deloitte would comment.

A decision on the outcome of the strategic review is expected within a few weeks.

In January when he announced a "root and branch" review of the business, Paphitis said that Boux Avenue was paying "above average" rents.

Rivals had been able to reduce rents as a result of using the CVA insolvency process, he said. However elsewhere in his retail empire, which also includes stationer Ryman and home supplies store Robert Dyas, Paphitis said there had been more success in reducing rents.

“[The higher rents Boux Avenue] does not tally with the overall experience we have had with our other businesses located on the high street where we have made some progress in renegotiating rents back towards the market average following constructive discussions with a number of landlords,” he said.

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