A team headed up by former Molton Brown chief executive Charles Denton is in official discussions with the administrators of The Body Shop, which could save the beauty retailer’s UK arm.
It is understood that the consortium led by investment platform Aurea group, which is co-founded by UK-based entrepreneur and beauty tycoon Mike Jatania, would aim to retain the remaining Body Shop UK stores.
In February, its administrators announced the closure of almost half of The Body Shop’s 198 UK stores, with seven closing immediately, after the beauty retailer fell into administration.
In a new statement, joint administrators said: “Following a competitive bidding process, the joint administrators of The Body Shop International have now entered into an exclusivity agreement with a consortium led by Auréa group, with the management team to be led by former Molton Brown chief executive Charles Denton.
“While the deal is not yet complete, we believe the combined experience of the consortium, together with the existing management team, represents the best outcome for creditors and will ultimately ensure the long-term success of The Body Shop.
“A period of due diligence will now take place, with the intention to complete the transaction in the coming weeks.”
The Bristol-founded business has changed ownership several times over the past few years. It was bought by L’Oreal in 2006, before changing hands again in 2017 when the French cosmetics giant sold it to Brazilian cosmetics maker Natura&Co for €1bn.
Last November, Natura sold it to private investor Aurelius Group in a deal valued at £207mn after struggling financially.
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