TV Dragon Theo Paphitis is considering to financially back La Senza.

Theo Paphitis has contacted his former firm, La Senza, to ‘offer assistance’ following the appointment of KPMG last week to advise on a possible restructuring.

Paphitis, who launched his own lingerie chain Boux Avenue earlier this year, did not divulge on what form the assistance might take or whether he might be interested in the whole business or just parts of it. But he said: ‘This used to be my baby. We don’t know what the issues are yet, but it was a very profitable chain at one time. If we can help, we would love to.’

The Dragons’ Den star sold La Senza to Lion Capital in 2006 for £100 million after owning it for eight years. Paphitis held a place on the board until 2009, but then cut his ties.

Financial Mail revealed in August that La Senza wanted to exit as many as a quarter of its stores, particularly some that previously traded as Contessa, which merged with La Senza in 2007.