Good news may be on the horizon for The Body Shop. The cosmetics retailer has reportedly signed an exclusivity agreement with a consortium led by investment platform Auréa Group, in a deal described by administrators to be representative of “the best outcome for creditors”.
Following a “competitive” bidding process led by appointed administrator and advisory firm FRP, Auréa Group, led by former Molton Brown CEO Charles Denton, is now believed to be in the process of acquiring the struggling retailer, according to multiple media outlets.
In a statement to the press, the joint administrators said: “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.”
It would bring to an end a long-winded strategic review process for The Body Shop, which had entered into administration in the UK during February this year before ultimately following through with similar processes in other regions.
If Auréa Group was to snap up the retailer, it would have beat out other alleged potential suitors, of which Marks & Spencer and Next were believed to have been among.