Mike Jatania, a British business tycoon, is on the cusp of acquiring the UK cosmetics retailer, The Body Shop, as it navigates through administration. Jatania, alongside Paul Raphael from UBS Group AG, leads the investment firm Aurea Holding. The firm is leading a consortium in exclusive talks after outbidding rivals in an auction.

The consortium includes Charles Denton, ex-CEO of Molton Brown and Erno Laszlo. Plans are in place to maintain The Body Shop’s UK stores. The body shop, once a forerunner in cruelty-free beauty products since its founding by Anita Roddick in 1976, has faced economic adversities leading it to administration in February. Three months prior, Aurelius Capital acquired it for £207 million ($266 million), but financial hurdles under former owner Natura & Co led to store closures and layoffs.

Jatania, with a background in cosmetics, previously sold Lornamead for nearly $200 million. The rescue of The Body Shop might not only save about 100 outlets from extinction but also revive a brand rooted in ethical consumerism. This investment could reposition The Body Shop for a return to profitability, leveraging Jatania’s industry expertise.