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The Physique Store is near being purchased out of administration after it agreed to unique rescue talks with a consortium led by the British cosmetics tycoon Mike Jatania.
Jatania’s funding firm, Auréa, is in negotiations with the UK beauty chain’s directors over a deal. The Physique Store fell into administration in February, resulting in a whole bunch of job losses and greater than 80 store closures.
Charles Denton, the previous chief govt of the sweetness model Molton Brown, will lead the brand new administration group if a deal is struck.
A joint assertion by Auréa and the directors, FRP Advisory, stated that after a aggressive bidding course of Jatania’s firm had begun finishing up due diligence checks, with a sale anticipated to be agreed within the coming weeks.
It stated: “Whereas the deal shouldn’t be but full, we imagine the mixed expertise of the consortium, along with the prevailing administration group, represents one of the best final result for collectors and can finally make sure the long-term success of The Physique Store.”
The Physique Store was based by the late environmental and human rights campaigner Anita Roddick in 1976 and have become a staple of the British excessive road, promoting ethically produced beauty and skincare merchandise.
In February it went into administration after its proprietor, Aurelius, which had purchased the corporate for £207m three months earlier, stated it couldn’t revive the enterprise’s fortunes. It owed collectors greater than £276m on the time.
Directors have since closed 82 outlets, leaving 116 open, whereas 489 store jobs and 270 workplace jobs have been minimize.
Final week Bloomberg reported that directors had been near putting a take care of Auréa after it beat rival bidders at public sale.
Auréa is led by Jatania and the previous UBS group banker Paul Raphael and Pharmapacks founder Andrew Vagenas.
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It owns manufacturers together with Herbivore, a plant-based cosmetics agency; Scandinavian Biolabs, a pure haircare product; and Decypher, which produces and sells basis make-up.
Jatania beforehand ran Lornamead, which owned private care manufacturers together with Lypsyl, Woods of Windsor, Yardley and Concord haircare. He offered it to a rival, Li & Fung, for about £155m greater than 10 years in the past.
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