The Body Shop has formally appointed FRP as administrators, which it said would “accelerate restructuring” of its UK business.
FRP said the administration gave the retailer “the stability, flexibility and security to find the best means of securing the future of The Body Shop and revitalising this iconic British brand”.
Administrators will now consider “all options to find a way forward for the business“, which employs more than 2,500 staff and has more 200 stores.
FRP said: “The Body Shop remains guided by its ambition to be a modern, dynamic beauty brand, relevant to customers and able to compete for the long term. Creating a more nimble and financially stable UK business, is an important step in achieving this.”
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Joint administrators, Tony Wright, Geoff Rowley, and Alastair Massey, will continue to trade the business in administration.
FRP said that The Body Shop, which was acquired by private equity firm Aurelius for £207m, last November had faced “an extended period of financial challenges under past owners, coinciding with a difficult trading environment for the wider retail sector”.
Aurelius closed down The Body Shop At Home and its business across most of Europe and in parts of Asia last month and is now seeking to turnaround its UK business.
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