The Body Shop is on the brink of being saved by a British tycoon led investment firm

Auréa is an ”investment platform focused on beauty, wellness and longevity”.

FRP Advisory said the decision was made after a competitive bidding process and while the deal is yet to be completed, it believes this is the “best outcome” to ensure the long-term success of The Body Shop.

The consortium, led by British tycoon Mike Jatania, Paul Raphael and Andrew Vagenas, has appointed former Molton Brown chief executive Charles Denton to lead the chain.

Jatania has been a leading player in cosmetics and sold Lornamead, the owner of personal-care brands including Lypsyl, to rival Li & Fung for nearly $200m (£155m)  in 2013.

In a joint statement, FRP Advisory and Auréa said: “Following a competitive bidding process, the joint administrators of The Body Shop International have now entered into an exclusivity agreement with a consortium led by Auréa group, with the management team to be led by former Molton Brown CEO Charles Denton.

“While the deal is not yet complete, we believe the combined experience of the consortium, together with the existing management team, represents the best outcome for creditors and will ultimately ensure the long-term success of The Body Shop.

“A period of due diligence will now take place, with the intention to complete the transaction in the coming weeks.”

The Body Shop fell into administration in February, just three months after private equity firm Aurelius bought it for £207m.

Administrators from FRP Advisory have since closed many of its stores and have been running an auction of the rest of the business, which includes around 100 outlets.