A British tycoon is in exclusive talks over a potential rescue takeover deal for The Body Shop, according to the retailer's administrators.
The high street beauty chain fell into administration in February 2024, placing thousands of jobs and 200 stores at risk of closure.
This comes amid a wave of store closures which have decimated local communities and the wider economy in recent years.
Mike Jatania's investment firm Aurea is leading a consortium bidding to takeover the struggling business.
Charles Denton, the former chief executive of beauty brand Molton Brown, is being lined up to head the management team.
In a joint statement issued by Aurea and administrators of The Body Shop International, administrators shared they believed a deal could be reached in the "coming weeks”.
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High streets have been hit by a wave of store closures since the pandemic, on top of banks shutting down PAThe joint administrators of The Body Shop International and Aurea 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 Aurea group, with the management team to be led by former Molton Brown CEO 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.”
Earlier this year, the Body Shop confirmed that it would be shutting down half of its 198 stores across the UK.
Here is a full list of the store closures carried out by The Body Shop on February 29:
- Aylesbury
- Banbury
- Barnstaple
- Basildon
- Battersea
- Bedford
- Beverley
- Bexleyheath
- Blackburn
- Blackpool
- Bournemouth Commercial Rd
- Bolton
- Brixton
- Broughton Park
- Bury
- Camberley
- Carlisle
- Carmarthen
- Chippenham
- Cirencester
- Croydon
- Didcot
- Durham
- East Kilbride
- Edinburgh Gyle Centre
- Edinburgh Princes Mall
- Epsom
- Fareham
- Farnborough
- Glasgow Braehead
- Glasgow Fort
- Glasgow Silverburn
- Glasgow Station
- Grimsby
- Halifax
- Harlow
- Hastings
- Hempstead Valley
- High Wycombe
- Huddersfield
- Hull
- Ilford
- Ipswich
- Isle of Wight
- Islington
- Kendal
- Kings Lynn
- Leeds White Rose
- Lewisham Centre
- Lichfield
- Loughborough
- Luton
- Macclesfield
- Middlesbrough
- Morpeth
- Newton Abbot
- Northampton
- Oldham
- Perth
- Peterborough Queensgate
- Portsmouth
- Regent Street
- Salisbury
- Stafford
- Stanstead Airside
- Stratford Upon Avon
- Swansea
- Telford
- Thanet
- Trowbridge
- Wakefield Trinity Walk
- Walthamstow
- Wigan
- Woking
- Wolverhampton.
Here is a full list of the store closures carried out by The Body Shop on February 20:
- Surrey Quays (London)
- Oxford Street Bond Street (London)
- Canary Wharf (London)
- Cheapside (London)
- Nuneaton (Warwickshire)
- Ashford Town Centre (Kent)
- Bristol Queens Road (Bristol)
LATEST DEVELOPMENTS:
The Body Shop previously said it would shut nearly half of its 198 shops in the administration processPAAnalysis carried out by PwC found 14 store closures took place every day last year with 5,000 less stores trading.
Furthermore, 39 chain brands shut down sites every day, while 25 new stores opened.
This has led to a total of 14,081 store closures for 2023.
The Body Shop's potential takeover deal comes as much-needed relief for Britain's high streets.
