Victoria’s Secrets owner Limited Brands is believed to be close to buying the La Senza brand.

The Canadian company is understood to be buying the brand but not the 158 shops accord to The Sunday Times.

Limited Brands is thought to be the front-runner after La Senza spend a weekend holding crunch talks with potential buyers.

The lingerie firm’s owner Lion Capital appointed KPMG to restructure the business earlier this month. Limited Brands is understood to be eyeing La Senza for some time and was reported to be in secret talks to buy the firm in February this year.

Meanwhile former owner of La Senza, Theo Paphitis is understood to have offered his assistance to the firm. He refused to reveal to The Mail on Sunday what form his assistance may take or whether he might be interested in buying back the chain which he sold to Lion Capital in 2006 for £100m.