La Senza owner Lion Capital is thought to be seeking funding to save the struggling lingerie chain.

According to The Times, Lion Capital - which owns 40% of the £100m debt it raised to buy the mid-market lingerie retailer - is understood to be in talks to buy back more after breaking the terms of its bank loans.

It is thought it has broke the terms of its loan agreement with GSO Capital and owes the credit manager tens of millions of pounds. However, GSO Capital has reportedly agreed to wait for the results of La Senza’s Christmas trading before pushing the group into administration.

Lion Capital bought La Senza from entrepreneur Theo Paphitis in 2004.

Paphitis is reportedly considering buying back the lingerie chain. Having originally bought La Senza for £1 in 1998 before selling it six years later, Paphitis is understood to be considering making another £1 bid for the chain. Paphitis left the board of La Senza in May but still owns a 10%share in the company.