The Body Shop appoints administrators, thousands of jobs on the line

Cosmetics retailer The Body Shop has officially fallen into administration in the UK, appointing insolvency experts FRP Advisory to oversee the process.

The move could put over 2,000 jobs at risk, various media have reported, with the company currently operating more than 200 shops throughout the UK.

According to FRP, which released a statement to the press, administrators are to “consider all options to find a way forward for the business”, which had been hit with a significant level of financial difficulties in recent years.

The firm continued: “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 Body Shop has faced an extended period of financial challenges under past owners, coinciding with a difficult trading environment for the wider retail sector.”

As the process begins, and will notably only impact the UK business, The Body Shop will continue to trade through stores and online.

The news comes just days after Europe’s Aurelius Group completed its acquisition of The Body Shop, snapping it up in a 207 million pound deal with Natura &Co, which had offloaded the company as part of a strategic review to sought out an owner that could “nurture the brand DNA” following a drop in revenue.

Evidence of trouble brewing could already be seen earlier this month, however, when news spread that The Body Shop was mulling the sale of a significant portion of its business in Europe and Asia, representing an estimated 14 percent of its global operations.

The retailer confirmed the report in a statement to Cosmetics Business, in which it further noted that a sale would not impact its business in the UK.