The Body Shop collapses into administration

Bosses at high street retailer Body Shop have appointed insolvency experts from FRP Advisory to oversee the administration process.

This announcement puts thousands of jobs at the cosmetic chain's UK stores at risk, including those in the Cirencester store in Cricklade Street. 

The retailer was founded in 1976 by Anita Roddick and her husband Gordon as one of the first companies to promote so-called ethical consumerism, focusing on ethically produced cosmetics and skincare products.

However, FRP Advisory revealed today that the business has being struggling for years amid a challenging backdrop for shoppers.

A spokesperson for FRP Advisory said: “The Body Shop has faced an extended period of financial challenges under past owners, coinciding with a difficult trading environment for the wider retail sector.

“Having taken swift action in the last month, including closing down The Body Shop At Home and selling its business across most of Europe and in parts of Asia, focusing on the UK business is the next important step in The Body Shop’s restructuring.

“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.

"The joint administrators will now consider all options to find a way forward for the business and will update creditors and employees in due course.”

The brand's shops will remain open during the administration process.

This announcement comes only weeks after new owners, European private equity firm Aurelius, took control of the business.

Aurelius, which specialises in buying and turning around troubled firms, secured a £207 million deal in November to buy The Body Shop from Brazilian cosmetics giant Natura & Co.

It only took control of operations officially on January 1.

The business employed around 10,000 people worldwide at the time of the takeover.