Boux Avenue calls in advisers as it mulls store closures

The struggling lingerie retailer is part of the Theo Paphitis Retail Group, owned by Dragon’s Den star Theo Paphitis, and has 30 stores across the country. Its sister brands include Ryman and Robert Dyas. 

Following a trading update in January, Paphitis said Boux Avenue was paying “above-average” rents while other retailers have been able to “completely realign their rental cost base, often through CVAs”.

He added: “We will look to address our cost base, in particular our rents, as well as addressing the appropriate mix of channels to match the changing needs of our customers.

“Given the significant importance of the review, this will be led by me personally, supported by our group board. The publication of Boux’s financial statements will follow pending the outcome of this review.”

A spokesperson for Boux Avenue said the “strategic and operational review” unveiled in January was still ongoing and the outcome would be updated once completed.

Deloitte declined to comment. 

During the six weeks to December 24, the retail group’s like for likes slipped 1.3%. There was a positive performance at Robert Dyas, Ryman was flat and Boux Avenue was down.