Mike Jatania enters exclusivity with Body Shop over rescue deal
It is understood from a statement that Auréa’s management team will be led by former Molton Brown and Erno Laszlo CEO Charles Denton
Businessman Mike Jatania’s consortium, Auréa Group, has officially entered into an exclusivity agreement with the administrators of The Body Shop, FRP Advisory.
It is understood from a statement that Auréa’s management team will be led by former Molton Brown and Erno Laszlo CEO Charles Dento, following the competitive bidding process.
The potential rescue deal comes after The Body Shop fell into administration in early February of this year.
In the joint statement, Auréa Group and FRP Advisory said: “While the deal is not yet complete, we believe the combined experience of the consortium, together with the existing management team, represents the best outcome for creditors and will ultimately ensure the long-term success of The Body Shop.
“A period of due diligence will now take place, with the intention to complete the transaction in the coming weeks.”
Auréa, which is an investment platform focused on beauty and wellness, was founded by Jatania who previously ran Lornamead – the owner of brands Lypsyl, Woods of Windsor, Yardley and Harmony Haircare – which he sold for £155m 10 years ago.
The group is known for investing in brands that “have embraced new consumer trends”, and is led by Jatania along with Paul Raphael and Andrew Vagenas.
So far in the administration process, The Body Shop closed 82 stores as part of a restructuring that was launched after the business collapse, leaving it with 116 stores and 489 fewer jobs.
