Body Shop administrators aiming to wrap up sale by end of June - report

(Sharecast News) - Administrators to The Body Shop are reportedly aiming to clinch a sale of the stricken cosmetics retailer by the end of the month, even as its former owner veers away from making an offer for it. According to Sky News, FRP Advisory - which was appointed to handle the chain's insolvency in January - has asked for indicative bids by next Tuesday.

Sources told Sky that FRP wanted to seal a sale of The Body Shop's remaining British business before the end of June.

Aurelius, the investment firm which took control of the retailer only weeks before administrators were called in, is not expected to submit an offer next week.

Marks & Spencer, which was tipped as a possible bidder by The Sunday Times, has also decided against making an offer, while there was growing doubt on Friday that rival Next would bid.

Sources close to FRP insisted, however, that it had been encouraged by the level of interest in The Body Shop from potential bidders.

The auction was launched last month after the administrators concluded that an alternative restructuring of one of Britain's best-known high street retailers was not viable.

The Body Shop now trades from roughly 100 stores following a shop closure and redundancy programme undertaken in recent months.