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The Body Shop is reportedly set to appoint administrators from FRP Advisory, threatening “significant” shop closures and job losses, according to Sky News.
On Saturday it was revealed that the skincare and cosmetics retailer is considering closing a significant number of shops, although the exact number remains unknown.
The announcement follows the acquisition of the Body Shop by Aurelius in November, in a deal that amounted to £207m.
According to Sky News, the new owner realised that “the company had insufficient working capital and was trading more weakly than it had anticipated”. It is believed that the insolvency process could help reduce the business costs, as well as building its online presence.
More recently it was also revealed by Retail Week that parts of the business have been sold to an “international family office” across most of Europe and in parts of Asia.
In a statement to Retail Week, the retailer said that the recent offloading of parts of its business will allow it to prioritise “strategically important markets” as it sets its ambition ”to create a modern and dynamic beauty brand”.
FRP Advisory has declined to comment.
