[Update as of Sept. 9, 2024] A consortium led by Auréa Group Co-founder Mike Jatania has completed its purchase of The Body Shop’s 113 UK stores for an undisclosed sum. The specialist investment firm also gained control of the retailer’s Australian and North American assets, according to the BBC and multiple news reports. Auréa Group said it had no immediate plans to shutter stores but noted that it would monitor the retailer’s store footprint in the coming months in an effort to manage costs.
Original story from July 17, 2024 begins-
Administrators of The Body Shop have entered into an “exclusivity agreement” for the sale of the company to a consortium led by asset manager Auréa Group, with a management team to be led by the former CEO of British fragrance brand Molton Brown, Charles Denton.
Following a due diligence period, the purchasers’ plan is to complete the deal in the coming weeks, according to a joint statement from both parties. No information on a purchase price was provided.
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“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,” according to the statement.
Private equity firm Aurelius purchased The Body Shop from Natura for $257.8 million in November 2023. The retailer’s UK division entered administration, that country’s version of bankruptcy, in February 2024, and in March 2024 The Body Shop closed all its U.S. stores as part of a Chapter 7 liquidation process.
