New bidders join race for The Body Shop
The race to buy up cosmetics retailer The Body Shop is hotting up as two British investors join the bidding war for the company.
Bensons for Beds owner Alteri Investors and former Hotter Shoes owner Epiris are reportedly eyeing bids for the retailer, according to Sky News.
The two companies join Waterstones owner Elliott Advisors, which was reported to have submitted an offer for the retailer in recent weeks.
Brazilian company Natura, which has owned The Body Shop since 2017, placed the retailer on the market earlier this year.
The auction, which is being handled by Morgan Stanley, is proceeding quickly with Natura looking to reach a provisional agreement on a sale by the end of October, City sources told Sky News.
Prior to its sale to Natura, The Body Shop was owned by L’Oreal, but has since struggled to achieve profitable growth. It has grown rapidly in recent years through acquisitions, but has posted losses for six consecutive quarters.
The business was previously valued at £406m.