The high-street cosmetics firm closed 75 stores and laid off 489 employees when it entered administration in February.
Administrators stated they reached a “exclusivity agreement” following “a competitive bidding process,” and as a result, a group led by former Molton Brown CEO Charles Denton is now formally poised to finalize a rescue takeover deal.
A group led by the investment platform Aurea group has signed the agreement.
Mike Jatania, a British millionaire and a former senior officer of the Swiss financial giant UBS, is the leader of Aurea.
Because of the group’s experience, it “represents the best outcome for creditors” and “will ultimately ensure the long-term success of The Body Shop,” according to a statement from the auditors.
The administrators stated that they hope to finish the transaction “in the coming weeks,” even though it hasn’t happened yet.
They also said that there will now be due diligence checks.
