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M&S and Next compete for UK arm of Victoria’s Secret

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The US brand put its British arm into administration earlier this month

Marks and Spencer and Next are competing to take control of the UK arm of the lingerie brand Victoria’s Secret.

The US brand put its British division, which has 25 stores and employs more than 800 people, into administration earlier this month after a stormy period during which sales fell and the UK division slumped to a pre-tax loss of £171m.

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