The Body Shop administrators are launching an auction for the failed cosmetics retailer after finding that an alternative restructuring of the chain isn't viable.

According to a report by Sky News, FRP Advisory will be looking for companies to takeover the brand in the next few weeks.

The Body Shop filed a notice to appoint administrators for its UK business in February.

The move came several months after private equity firm Aurelius announced its takeover of the cosmetics brand as part of a £207 million deal.

The company, which also owns High Street chain Footasylum, bought the retailer after it was put up for sale by Brazil’s Natura last year.

An FRP spokesman told Sky News that following engagement with stakeholders about a
company voluntary arrangement (CVA), it had "not been possible to reach the necessary agreements for a CVA to be launched".

"The joint administrators have therefore decided to commence a sale process for the underlying business and assets of TBSI [The Body Shop International]," they said, adding that the organisation was encouraged by the level of interest received to date from interested parties.

"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," continued the spokesperson. "This will be showcased to potential acquirers during the sale process."

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