Body Shop prepares for insolvency course of
The Body Shop’s personal fairness proprietor is making ready to name in directors for its British outlets.
It is making ready to nominate FRP Advisory to supervise an insolvency course of, leaving employees at its 200 shops within the lurch.
Administrators would almost definitely take a look at closing a major variety of its UK shops, City sources informed Sky News final evening.
The Body Shop was purchased in November by personal fairness agency Aurelius in a deal it stated was valued at £207m.
According to final evening’s studies, its new proprietor had determined The Body Shop was performing worse than it had initially thought.
In the lurch: The Body Shop was purchased in November by personal fairness agency Aurelius in a deal it stated was valued at £207m
The cosmetics firm has struggled to maintain up with its rivals because the High Street has confronted a downturn.
Lacklustre gross sales on the skincare vendor persuaded Natura, which additionally owns Avon, to ditch the model final yr.
The Body Shop was based by Anita Roddick in 1976 in Brighton, and have become a favorite among the many center lessons.
Roddick, who died in 2007 aged 64, supplied reductions to prospects in the event that they introduced again empty containers and championed inexperienced causes.
In latest years the group has taken on social causes equivalent to interval poverty and refugee rights.
But analysts stated that The Body Shop has misplaced its aggressive edge.