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British entrepreneur Mike Jatania is close to completing a rescue deal for The Body Shop, according to reports from Bloomberg.
Jatania is thought to be part of a consortium alongside ex-Molton Brown CEO Charles Denton amongst others.
It is believed that the retailer’s new owners are planning to retain all of its existing UK shops which currently stands at around 100 stores.
Jatania previously built a portfolio of personal care brands such as Harmony hairspray, Lipsyl lip salve and Yardley perfume.
The retailer’s business across the rest of Europe and parts of Asia had already been sold to a family office ahead of the insolvency of its UK operations.
Bids for the Body Shop were due last week as administrators FRP are reportedly keen to wrap up the sale of its remaining assets.
A number of other parties registered interest in the business including Next, Gordon Brothers, HMV’s Doug Putman and private equity house R Capital.
The Body Shop collapsed into administration, just three months after Aurelius agreed a £207m takeover deal.
It was understood that the private equity firm was unsuccessful in its plan to revive The Body Shop’s fortunes after underwhelming trading over the crucial Christmas and New Year trading period.
In February, the German buyout company confirmed it had appointed FRP Advisory as administrator following the group’s collapse in the UK.
Administrators at FRP closed 75 of the group’s worst-performing stores, resulting in job losses of around 2,200.
