Former La Senza owner and Dragons’ Den star Theo Paphitis is setting up a new lingerie chain to take on his former business.

Paphitis has hired a former buying director and operations director from La Senza to spearhead the new retail business which has the working name DNA Lingerie.

Paphitis has hired Guy Grainger, property agent at Jones Lang LaSalle, to try and secure 30 stores for the venture.

Paphitis, who also owns stationery chain Ryman, bought La Senza for £1 in 1998 and sold it to private equity firm Lion Capital eight years later for around £100m. Last year Paphitis tried to buy back a majority stake in La Senza last year but talks broke down and he left the board of the lingerie chain.

Last week Paphitis told entrepreneurs that 2010 could be the best time in years to start a new business.