LONDON — The Body Shop bankruptcy drama may finally be coming to an end, with a consortium led by Auréa Group stepping forward to buy the remains of the company.

On Wednesday, the joint administrators of The Body Shop International confirmed they have entered into an exclusivity agreement with Auréa and its partners, while the management team will be led by former Molton Brown chief executive officer Charles Denton.

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“While the deal is not yet complete, we believe the combined experience of the consortium, together with the existing management team, represents the best outcome for creditors and will ultimately ensure the long-term success of The Body Shop,” said FRP Advisory, the administrators handling the sale.

FRP said a period of due diligence will need to take place, with the intention to complete the transaction “in the coming weeks.”

Auréa describes itself as an investment platform focused on beauty, wellness and longevity. The group said its strategy is to invest in brands “that have embraced new consumer trends.”

The team is led by Mike Jatania, former owner of the Lornamead personal care and cosmetics group, Paul Raphael and Andrew Vagenas.

As reported, FRP Advisory had originally planned on a CVA, or company voluntary agreement, which would have seen The Body Shop exit administration and return to trading, with creditors paid over a fixed period.

That plan didn’t work out, so FRP pivoted to a sale process. In June, owners submitted their bids for The Body Shop International, which has 112 stores and various subsidiaries worldwide.

A source familiar with the administration process said the overarching goal “is to get The Body Shop out of administration as soon as possible, and to secure the best outcome for the creditors.”

Aurelius, the former owner and the largest secured creditor, placed The Body Shop into administration in February, claiming it could not turn the business around fast enough given weak trading over the 2023 holiday season and the cost-of-living crisis in the U.K.

The argument was similar to what Mike Ashley’s Frasers Group said when it placed Matches into administration less than three months after buying it late last year.

Although both moves were legal per U.K. law, they left consumers, and the wider retail industry, scratching their heads. People wondered why Aurelius and Frasers Group bought their respective brands, and what sort of due diligence they conducted.