Gordon Brothers, the private equity firm behind Laura Ashley, is among the companies understood to have submitted a rescue bid with The Body Shop’s administrators.
According to The Telegraph, the firm, helmed by former Mothercare boss Mark Newton-Jones, is in the running alongside rival Alteri Investors, the owner of Bensons for Beds.
A small group of competing firms – Modella Capital, part of private equity house R Capital, and an existing franchise partner of The Body Shop’s operations in Asia – have also allegedly bid for the struggling beauty retailer’s high street operations.
An auction was launched in May after administrators at FRP Advisory concluded that an alternative restructuring was not viable.
FRP, which was appointed earlier this year to handle The Body Shop’s insolvency, last month set a deadline for indicative bids to be in by 11 June.