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Beauty tycoon Mike Jatania nears rescue deal for The Body Shop

Sophie Smith
11 July 2024

A consortium of businesses led by British tycoon Mike Jatania is reportedly nearing a deal to buy The Body Shop out of administration.

The entrepreneur's investment firm Aurea Holdings is said to be in exclusive talks with the beauty brand’s administrators FRP Advisory to finalise the potential acquisition, according to Bloomberg.

Former Molton Brown CEO Charles Denton is also understood to be part of the deal, which would retain all of its existing UK shops.

It comes after The Body Shop administrators set a deadline of 3 July for prospective buyers to submit bids for the struggling beauty business.

The deadline followed reports that FRP were eager to finalise the sale of the brand's remaining assets after its collapse in February.

Earlier this month, private equity firm Gordon Brothers was reported to be among the companies eyeing a possible rescue of The Body Shop.

Rival private equity firm Alteri Investors was also among a group of competing firms that were said to have submitted offers, as well as Modella Capital, which is part of private equity house R Capital, and an existing franchise partner of The Body Shop’s operations in Asia.

The Body Shop, which was founded by Anita Roddick in 1976, currently trades across 100 stores following a shop closure and redundancy programme.

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