Dragons’ Den star Theo Paphitis is believed to be in talks to buy back a majority share in lingerie chain La Senza.

Paphitis sold the chain to Lion Capital for more than £100m in 2006.

It is unclear whether Lion Capital will remain a minority shareholder and talks are understood to be ongoing, according to The Daily Telegraph.

It is likely that the value of any stake acquired by Paphitis would be much lower than that paid for it by the private equity group, given current market conditions.

Paphitis, who also owns stationer Ryman, returned as head of La Senza in February after the departure of chief executive Rose Foster. Malcolm Cooke, another former director, also returned.