Recently, A consortium led by British tycoon Mike Jatania is on the verge of finalizing a deal to purchase the struggling UK cosmetics retailer, The Body Shop, out of administration, according to report. The investment firm, Aurea Holding, which Jatania manages alongside former UBS Group AG banker Paul Raphael, is in exclusive negotiations to acquire The Body Shop after successfully outbidding other contenders in an auction process, these sources revealed.
Joining Jatania in the consortium is Charles Denton, the former CEO of fragrance and beauty brands Molton Brown and Erno Laszlo. The new ownership team intends to keep all of The Body Shop’s UK stores operational, the sources added, requesting anonymity due to the confidential nature of the information.
The Body Shop entered administration in February, just three months after the private equity firm Aurelius agreed to purchase the chain for £207 million ($266 million). The administrators from FRP Advisory shut down the retailer’s underperforming stores, resulting in hundreds of job losses. FRP attributed the collapse to financial difficulties under the previous ownership of Natura & Co.
