A major high street chain with 149 branches is on the brink of collapse uness a buyer is found amid a race to find a rescue deal. Bodycare, which employs 1,500 people, could fall into administration as soon as next week, according to Sky News.
City sources said that Interpath, an advisory firm that has been working with Bodycare and its owners for several months, was continuing to explore options for the business. This comes just a week after Baaj Capital, led by Jas Singh, secured a £7million loan to try and stabilise the business. Bodycare’s retail inventory backed that short-term loan. Despite these efforts, it appears to have just been a failed last-ditch effort.
The group has made several high-profile retail investments, including In The Style and Amscan International.
Bodycare, which sells brands well known loved brands L’Oreal, Elizabeth Arden and Nivea, was profitable prior to the pandemic but has struggled financially since.
It also failed in a bid to acquire The Original Factory Shop earlier this year.
Bodycare was established by Graham and Margaret Blackledge in Skelmersdale in 1970, the chain was forced to rely on pandemic-era government support through a taxpayer-backed loan to survive.
Bodycare is run by retail veteran Tony Brown, who held senior roles at BHS and Beales, the now-defunct department store groups.
Mr Brown has now been tasked with steering the decades old business through its darkest hour.
If the chain collapses, administrators will take control of the company to decide if it can be saved, sold, or shut down entirely.
This could result in widespread closures and potentially putting 1,500 jobs at risk.
It comes after River Island narrowly avoided administration after winning creditor approval for a restructuring involving store closures and job losses.
