British tycoon rescue deal offers lifeline to Body Shop staff in Northern Ireland
Both Body Shop stores in Londonderry Foyleside and Belfast’s Victoria Square shopping centres have so far avoided the cull that has closed 82 shops to date
A consortium led by British tycoon Mike Jatania is nearing a rescue deal for a struggling high street beauty chain.
As confirmed by the administrators of The Body Shop, a bidding team from Jatania’s investment firm, Aurea, is in exclusive negotiations with joint administrators at FRP Advisory.
The news offers a lifeline to the staff at Body Shop stores in Londonderry Foyleside and Belfast’s Victoria Square shopping centres.
Both outlets have so far avoided the cull that has closed 82 shops to date.
They are considering former Molton Brown CEO, Charles Denton, to lead the management team.
In a joint statement, Aurea and The Body Shop International administrators expressed hope for a deal to be finalised in the ‘coming weeks’.
They also said that Aurea is currently reviewing The Body Shop’s financial records.