M&S will not be making a bid for The Body Shop as administrators approach prospective buyers for the vegan beauty retailer.

It emerged this weekend that the high street retailer along with retail giant Next had made early expressions of interest in submitting possible rescue bids ahead of an auction.

However, a source close to M&S told Retail Gazette that the retailer would not be submitting an offer for the chain.

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It comes as administrators at FRP are sounding out possible buyers for The Body Shop after plans for a company voluntary arrangement (CVA) fell through.

FRP told creditors last week that it was “encouraged” by the early interest shown in the retailer and has received expressions of interest from over 70 potential bidders – although it is likely that many will not be considered suitable buyers.

Sky News first reported of Next considering a rescue bid to acquire parts of The Body Shop back in February, with people close to the group confirming it had been monitoring the business and had expressed an interest in assembling a deal.

If successful, the beauty chain would add to Next’s rapidly expanding portfolio of brands and would be its second beauty acquisition following its purchase of Fabled by Marie Claire from Ocado Group in 2019.

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