A pedestrian walks past a closed The Body Shop store.
Credit: Reuters Photo
Doug Putman, the Canadian businessman who bought HMV out of administration, is exploring a rescue bid for The Body Shop, the Telegraph reported.
Putman has contacted The Body Shop’s administrators, FRP Advisory, to express an interest but has yet to make a formal bid, the newspaper said on Saturday.
It comes as the cosmetics retailer prepares to close almost half of its 198 UK stores, including its flagship on London’s Oxford Street, resulting in almost 500 workers being made redundant after its British operations fell into insolvency last month.
Meanwhile, The Body Shop is also under investigation for allegedly taking millions of pounds from the company ahead of its insolvency.
Any purchase by Putman could face competition from private equity firm Aurelius Capital Management. The private equity firm placed The Body Shop in administration just weeks after buying it from Brazilian conglomerate Natura & Co in a deal that valued the retailer at £207 million ($262 million).
Putman, who also owns Sunrise Records and Toys R’ Us in Canada, bought HMV in 2019 for £883,000. Under his turnaround, the music retailer has returned to profit and last year reopened its site on Oxford Street.
Deccan Herald is on WhatsApp Channels | Join now for Breaking News & Editor's Picks