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The owner of Waterstones, Elliott Advisors, has reportedly joined a list of bidders looking to acquire The Body Shop after it was put up for sale by its owner.
According to Sky News, the investment firm tabled an indicative bid for the cosmetic chain in recent weeks.
However, Sky said that it was “unclear” this weekend whether Elliott was still in the running to acquire the chain.
It comes as Natura, which has owned The Body Shop since 2017, started a sales process for the chain following a poor post-pandemic performance.
The company had confirmed in an SEC filing that it was exploring “strategic alternatives” for the business.
Last month, it was reported that JP Morgan analysts believed a sale was the most likely outcome, with the business being valued at £405m.
This week, city sources told Sky that the sales process was now “proceeding at pace”, with Natura said to be “keen” to reach a provisional agreement on a sale by the end of next month.
Elliott Advisors declined to comment.
