High street stalwarts Marks & Spencer and Next are understood to be mulling bids for beleaguered lingerie brand Victoria’s Secret’s UK division.

The two retailer brands are counted among a handful of interested parties that are vying to be Victoria’s Secret franchise partner in the UK. 

The iconic lingerie brand’s UK subsidiary fell into administration earlier this month, with Deloitte appointed as administrators. Victoria’s Secret reported a £170m operating loss in the year to February 20.

The brand’s UK division is running a ‘light touch’ administration whereby existing management stay in place and stores continue to operate, with 25 of its stores reopening to the public today after weeks of lockdown closures.

M&S’ interest in the lingerie brand comes after the retailer flagged that it would begin working with third-party brands in its latest full-year results.

Both M&S and Next declined to comment.

Read more: Deep dive – Can M&S become the nation’s favourite shop again?

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