The Body Shop saved in deal to keep 133 stores open

The Body Shop has been rescued from administration, in a deal that will keep 133 stores open.

The former boss of Molton Brown Charles Denton has been named chief executive at the ethical beauty retailer, which has been acquired by a consortium led by the British cosmetics tycoon Mike Jatania.

The move is expected to save over 1,000 jobs, with Jatania’s investment company Aurea understood to have no immediate plans to close any more stores.

The Body Shop currently employs 1,300 people.

Back in February, the retailer’s owner Aurelius called in administrators for its UK operations, just weeks after snapping up the business.

The retailer’s former chief executive David Boynton described the news as a “totally avoidable tragedy”.

Aurea called the The Body Shop deal its “largest transaction to date”.

Co-founder Mike Jatania said: “With The Body Shop, we have acquired a truly iconic brand with highly engaged consumers in over 70 markets around the world.

“We plan to focus relentlessly on exceeding their expectations by investing in product innovation and seamless experiences across all of the channels where customers shop while paying homage to the brand’s ethical and activist positioning.”

The Body Shop CEO Charles Denton added: “I am truly excited to lead this brand which I have admired for many years. We recognise that revitalising the business will require bold action and a consumer-centric, commercially agile mindset.

“We believe there’s a sustainable future ahead and working closely with the management team we aim to restore The Body Shop’s unique, values-driven, independent spirit.”