La Senza sold for a token pounds 1
Other shareholders in La Senza will receive 10p cash for their shares. The Canadian-based company Suzy Sher agreed to sell its stake for a nominal sum in return for an indemnity from Xunely covering pounds 1.9m worth of guarantees on financial leases given by Suzy Sher.
A spokesman for Suzy Sher said yesterday that the sale to Xunely was in the best interests of La Senza, and Xunely had the skills and experience to turn La Senza into profit over time. The group has struggled to establish itself in the UK and announced a pounds 2.9m loss in the six months to August last year. Three further profit warnings followed for the current year and the share price continued to slide.
In February La Senza's chief executive Joel Teitelbaum confirmed the group was talking to several suitors, who were thought to include Contessa, the Ann Summers lingerie chain and the Tulchan Group, which owns Sock Shop. But talks were discontinued after La Senza management rejected offers from all three companies thought to be worth around 25p a share.
Emergency landing at Heathrow sparks further controversy over London airport capacity
Unrest may spread across Europe, warns Red Cross chief
French government seeks to ban extreme right-wing group
BNP and EDL accused of attempt to fuel racial hatred after Woolwich terror attack
You want to get an Eton scholarship? All you need to do is answer four (not so simple) questions
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Nook is donating eReaders to volunteers at high-need schools and participating in exclusive events throughout the campaign.
Get the latest on The Evening Standard's campaign to get London's children reading.
Win anything from gadgets to five-star holidays on our competitions and offers page.