The Body Shop rescued from administration in a move that will save 1,300 jobs
The Body Shop has been rescued from administration by a consortium led by Mike Jatania’s investment firm Auréa Group.
In a deal finalised late on Friday, the firm has acquired the beauty retailer’s 113 UK stores and gained control of its assets in Australia and North America. The Body Shop’s stores and offices in the UK employ around 1,300 people.
Subscribe to TRBJatania said: “With the Body Shop, we have acquired a truly iconic brand with highly engaged customers in over 70 markets around the world.
“We plan to focus relentlessly on exceeding their expectations by focussing on extensive product innovation and seamless experiences across all of the channels where customers shop while paying homage to the brand’s ethical and activist positioning.”
When announcing the deal, Auréa Group said Jatania will act as executive chairman while Charles Denton, the former head of beauty brand Molton Brown, will lead the Body Shop as chief executive.
While there are “no immediate plans” to shut any of the UK stores, a spokesperson for Auréa Group said: “We believe that stores are an important part of the brand’s connection with its customers. We will naturally monitor the footprint of the estate to make sure that we are optimising performance through that connection.”
The Body Shop entered administration in February, just a few months after it was acquired for £207 million by private equity firm Aurelius. Since then some 85 stores have been closed by administrators FRP Advisory.
