3i Group plc (LSE:III), the owner of Agent Provocateur Limited is understood to be exploring a sale of the UK high-end lingerie brand amid an investigation into accounts irregularities at the chain. 3i Group has drafted in restructuring company Alix Partners to devise a turnaround plan for the business, before an imminent auction, according to The Sunday Times. 3i did not return a request for comment.

3i Group has hired Rothschild & Co SCA (ENXTPA : ROTH) to sell its Agent provocateur chain.