The high street cosmetics chain entered administration in February, leading to the closure of 75 stores and the loss of 489 jobs.

A team managed by former Molton Brown CEO Charles Denton is now poised to complete a rescue takeover deal, as administrators have agreed to an 'exclusivity agreement' following a competitive bidding process.

The agreement has been entered into by a consortium led by the investment platform Aurea Group.

Aurea itself is headed by British millionaire Mike Jatania and a former senior executive at Swiss investment bank UBS.

According to auditors, this agreement represents 'the best outcome for creditors' and is expected to 'ultimately ensure the long-term success of The Body Shop' due to the group's experience.

What’s Next?

Although the deal has not yet been finalized, administrators aim to complete the transaction 'in the coming weeks.'

They added that due diligence checks will now take place.

Speculation had been growing regarding the future of the business.

Sky News revealed that Next had approached administrators to purchase part of the chain, and there were plans to launch a company voluntary arrangement (CVA) for The Body Shop to enter talks with creditors.

Administrators were encouraged by the level of interest from potential bidders.

The Body Shop was founded nearly 50 years ago by the late Dame Anita Roddick and her husband Gordon.