The owner of the stationery retailer Ryman and hardware chain Robert Dyas, Theo Paphitis, is planning to acquire the lingerie chain La Senza for his own brand Boux Avenue, after news of La Senza falling into administration for a second time in two and a half years and putting 752 jobs at risk.

Theo Paphitis had previously been a former owner of La Senza in 1998. He had managed to turn its fortunes around, before selling it to a private equity firm in 2006 for £100m, but said he would now be interested in taking on stores in locations where Boux Avenue, which was founded in 2011, is looking for a presence.

Theo Paphitis said he was “saddened” by La Senza’s second collapse.

“It was my baby and obviously I don’t wish to see it crash into administration once again. It’s sad to see it struggle. Where Boux Avenue hasn’t got representation we might look at some La Senza stores. If I can do something that protects the workers’ future I will.”

Administrators from PwC said there currently were no plans for the closure of any of La Senza’s 55 UK stores but they would listen to any offers for the business.

Joint administrator Robert Moran said:
“The challenging conditions in the UK high street are well documented. Like many other retailers, La Senza has been hit hard by the difficult economic environment and a slowdown in consumer spending."

He added: “The administrators are continuing to trade the businesses as normal for the time being whilst discussions take place with interested parties in respect of a sale. We welcome any approaches to purchase all or part of the store portfolio."