An investment group is set to take control of Bodycare, with its first set of shop reopenings planned for early next year. Several hundred staff members are anticipated to be brought back to the retailer
Bodycare has been saved from administration by the former head of cosmetics brand The Body Shop. An investment group led by Charles Denton, ex-CEO of Molton Brown and The Body Shop, is poised to take over Bodycare, with the first wave of shop reopenings planned for early next year.
The deal includes the beauty retailer’s brand and intellectual property, although the financial details have not been disclosed.
Denton plans to relaunch between 30 to 50 shops during the initial stage of reopenings, primarily in the Northwest. It’s expected that several hundred staff members will be rehired by the retailer.
The group intends to collaborate with landlords, suppliers and former employees to support a responsible and cost-effective reset of the company, aiming to re-establish Bodycare as a provider of affordable personal care and beauty products.
Denton stated: “Bodycare is much-loved and trusted – it matters deeply to the communities it serves. We now have the mandate to bring stores and jobs back by transforming Bodycare’s rich legacy into a modern, scalable and profitable business.”
Nick Holloway, Interpath managing director and joint administrator, said: “We are pleased to hand Bodycare to an experienced new owner with a clear plan to restart operations. We wish the business every success in the future.”
This development follows Bodycare’s fall into administration on 5 September, with the brand enlisting Interpath Advisory to manage its insolvency process.
Later in the month, it was revealed that the company was on the brink of closing all its remaining outlets, leaving hundreds of employees facing job losses, as administrators expressed doubt over a potential rescue deal.
Bodycare appointed Interpath on September 5, saying it had come under pressure from rising costs and a shortfall in funding, which also affected supplier relationships and led to stock shortages.
Its demise marks the latest blow to Britain’s high streets, after a number of retail chains have gone bust or scrambled to find a buyer to stay afloat.
Interpath hopes to secure a deal for accessories chain Claire’s after being appointed as administrators for its UK and Ireland business last month.
Discount retail chain Poundland closed a swathe of shops after being taken over by investment firm Gordon Brothers.
