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The Body Shop: Beauty industry tycoon closes in on deal

The Body Shop: Beauty industry tycoon closes in on deal

Entrepreneur Mike Jatania, who made his fortune building cosmetics brands, is gearing up to buy The Body Shop out of administration.

The tycoon is thought to be part of a consortium which has entered discussions with administrators handling the sale of the cosmetics chain, according to Bloomberg.

Ex-Molton Brown CEO Charles Denton is also part of the bid, sources have revealed. The retailer’s new owners are planning to retain all of its existing UK shops.

The Body Shop’s business across the majority of Europe and parts of Asia had already been sold to a family office ahead of the insolvency of its UK operations.

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Jatania previously built a portfolio of personal care brands such as Harmony hairspray, Lipsyl lip salve and Yardley perfume through his family company Lornamead. He sold Lypsyl to rival Li & Fung back in 2013 for nearly £156m ($200m).

The tycoon has also made a host of property investments across the UK, including at Regent’s Crescent in London.

Rescue bids for The Body Shop were due last week, amid reports that administrator FRP was keen to wrap up the sale of the retailer’s remaining assets after its collapse in February.

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