The Body Shop close to finding new buyer after administration led to closure of Leeds store
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A deal to purchase The Body Shop after it went into administration earlier this year has nearly been made.
The cosmetics company announced that it had entered administration in February and that 75 stores, including its one at the White Rose Shopping Centre in Leeds, and that 489 members of staff will be made redundant.
This morning (Wednesday) the joint administrators have announced that they have entered an agreement with a consortium led by Auréa group, which is an investment platform focused on building a beauty and personal care portfolio.
A joint statement from the administrators and from Auréa group read: “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 Auréa 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.”