British millionaire close to agreeing deal to buy The Body Shop out of administration | Business News

A former CEO of Molton Brown is heading the group chosen for its expertise as “the best outcome for creditors”. The takeover will “ultimately ensure the long-term success of The Body Shop”.

A deal to buy The Body Shop has come nearer to being agreed, the directors have introduced.

The excessive road cosmetics chain went into administration in February with the closure of 75 outlets and the loss of 489 jobs.

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But a group managed by former Molton Brown chief government Charles Denton is now formally lined up to full a rescue takeover deal as directors mentioned they agreed to an “exclusivity agreement” after “a competitive bidding process”.

The settlement has been entered into by a consortium led by funding platform Aurea group.

Aurea itself is led by British millionaire Mike Jatania in addition to a former senior government at Swiss funding financial institution UBS.

It represents “the best outcome for creditors”, a press release from auditors mentioned, “and will ultimately ensure the long-term success of The Body Shop” due to the expertise of the group.

What subsequent?

While the deal has not but taken place, directors mentioned they need to full the transaction “in the coming weeks”.

Due diligence checks will now happen, they added.

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What went incorrect for The Body Shop?

Speculation had been rising over the long run of the enterprise.

Next was revealed by Sky News to have approached directors to buy half of the chain as had been plans to launch an organization voluntary association (CVA) during which The Body Shop would enter talks with collectors.

The directors had been inspired by the stage of curiosity in The Body Shop from potential bidders.

The Body Shop was based by the late Dame Anita Roddick and her husband Gordon almost 50 years in the past.