British high street chain The Body Shop saved from administration after more than 80 stores closed across the country

The chain’s remaining 113 locations throughout the UK have been bought by a consortium led by British tycoon Mike Jatania. The company will now continue to trade after the deal became final.

Mr Jatania’s investment firm Aurea confirmed that the deal had been finalised on Saturday (September 7). In a statement, the businessman, who will head up the firm’s new leadership team alongside ex-Molton brown boss Charles Denton, 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.”

Denton added: “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.” The Body Shop slipped into administration earlier this year, in February, after forecasted showed that it did not have enough funding to continue trading at the same level. In an bid to revive the business, 82 stores were closed and hundreds of jobs were lost as a result.