Body Shop might soon be up and running again with reports that a consortium led by Mike Jatania is close to agreeing a rescue deal.
Jatania’s investment firm Aurea is in exclusive talks with joint administrators at FRP Advisory, with former Molton Brown chief, Charles Denton, to be in charge, PA noted.
A joint statement issued by Aurea and FRP said they hoped for a deal to be concluded in the “coming weeks”.
“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.”
Jatania previously ran Lornamead – the owner of personal care brands including Lypsyl, Woods of Windsor, Yardley and Harmony haircare – which he sold to rival Li & Fung for around £155 million over 10 years ago.
Some 82 Body Shop stores have closed as part of a restructuring launched after the business collapsed with 116 still trading.