Greater than 100 Physique Store shops have been saved from closure after a deal was struck to rescue one among Britain’s finest identified excessive avenue chains.
The well-known retailer was purchased out of administration by a consortium led by “Cosmetics King” Mike Jatania.
The millionaire tycoon’s funding agency Aurea introduced the completion of the acquisition on Saturday.
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Mr Jatania and Charles Denton, former chief government of magnificence model Molton Brown, will head the brand new management workforce.
In a press release, Aurea mentioned the deal would “steer the Physique Store’s revival and reclaim its international management within the moral magnificence sector it pioneered”.
It’s understood there are not any instant plans to close any of its 116 remaining UK shops.
Sky Information revealed earlier this week that Aurea was poised to finalise the buyout because it lined up greater than £30m in new financing.
Mr Jatania beforehand ran Lornamead – the proprietor of private care manufacturers together with Lypsyl, Woods of Windsor, Yardley, and Concord haircare – which he offered to rival Li & Fung for round £155m greater than 10 years in the past.
The Physique Store fell into administration in early February after earlier forecasts for a way a lot funding it will have to hold going proved too low.
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Within the weeks that adopted, directors warned a whole bunch of jobs could be misplaced and dozens of retailers closed.
The enterprise had employed about 1,500 retailer employees earlier than its collapse into insolvency.
The corporate’s administration underlined the decline of the excessive avenue stalwart.
It was based in 1976 by Dame Anita Roddick, buying and selling out of a small store in Brighton, which made its title promoting cruelty-free truthful commerce merchandise.
Mr Jatania, co-founder of Aurea, mentioned: “With the Physique Store, we now have acquired a very iconic model with extremely engaged customers in over 70 markets around the globe.
“We plan to focus relentlessly on exceeding their expectations by investing in product innovation and seamless experiences throughout the entire channels the place clients store whereas paying homage to the model’s moral and activist positioning.”
Charles Denton, chief government of the Physique Store, mentioned: “We imagine there’s a sustainable future forward and dealing carefully with the administration workforce we intention to revive the Physique Store’s distinctive, values-driven, unbiased spirit.”