British tycoon Mike Jantania is said to be close to securing a deal to buy The Body Shop out of administration.

Body Shop Oxford Street sign

A consortium led by the investment firm that Jantania leads, Aurea Holding, is in exclusive talks to acquire The Body Shop, as reported by Bloomberg.

People with knowledge of the situation told Bloomberg that Aurea beat rival bidders in an auction process and is getting closer to a deal.

The consortium is said to also include Charles Denton, a previous chief executive of beauty brands Molton Brown and Erno Laszlo, with the new owners reportedly planning to keep all of The Body Shop’s remaining stores in the UK.

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.

The Body Shop fell into administration in February, just three months after private equity firm Aurelius bought the health and beauty chain 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.

The deadline for final bids was July 3, with Laura Ashley owners Gordon Brothers and Modella Capital said to have been in the running to acquire the retailer