A family-owned fragrances retailer founded on a Lancashire market stall more than half a century ago has appointed advisers to explore a sale.
Sky News understands that Bodycare, which trades from more than 100 stores across the UK, is working with Interpath Advisory on a process to bring in a new owner.
City sources said the auction was at an early stage, and that Bodycare was reviewing a number of options for its future.
Bodycare was established by Graham and Margaret Blackledge in Skelmersdale in 1970, and sells branded products made by the likes of L’Oreal, Nivea and Elizabeth Arden.
The chain was profitable before the pandemic, but lost millions of pounds during the last two financial years, according to people close to the process.
AdvertisementBodycare did receive financial support from the taxpayer in the form of business rates relief and grants made under the government’s furlough scheme.
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More from BusinessIt also took out a £7.8m loan under one of the Treasury’s pandemic loan schemes, according to accounts filed at Companies House.
Customer footfall had partially rebounded, but was still well below pre-pandemic levels, the accounts filed in July 2021 said.
The sale process comes as Boots, the high street behemoth, is also in talks with prospective buyers after being put up for sale by its New York-listed parent company, Walgreens Boots Alliance.
Bodycare declined to comment on Thursday.