The Body Shop currently operates approximately 100 locations. Credit: Baloncici via Shutterstock.com.

Administrators of cosmetics chain The Body Shop are set to initiate an auction for the retailer, following the conclusion that a company voluntary arrangement (CVA) is not feasible, Sky News has reported.  

FRP Advisory, which has been managing The Body Shop since its collapse in January 2024, is ready to formally approach potential buyers in the upcoming weeks.  

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The chain now operates from approximately 100 locations following a series of store closures and redundancies.  

Retailer Next showed interest in acquiring The Body Shop earlier in the insolvency process.  

Investment firm Aurelius, which acquired the chain shortly before its administration, is also considered to be a potential bidder.  

An FRP spokesperson told Sky News: “After engaging with stakeholders about a CVA, it had not been possible to reach the necessary agreements for a CVA to be launched. 

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The joint administrators have therefore decided to commence a sale process for the underlying business and assets of The Body Shop International.” 

FRP added that the interest received from parties so far has been encouraging. 

The advisory company anticipates finalising the sale in the summer of 2024.

FRP stated: “The Body Shop remains an iconic brand and following the structural changes we have made to the business since our appointment, we consider it has a viable future.”

The Body Shop fell into administration in February 2024. 

Aurelius acquired the retailer from Natura & Co, which paid more than $1bn for it in 2017. 

Before the sale to Aurelius, The Body Shop had 10,000 employees and operated 3,000 stores in 70 countries. 

In March the high street retailer announced the closure of 75 stores across the UK in the six weeks to mid-April 2024, resulting in the loss of 489 jobs.