The Body Shop administrators are set to launch an auction of the struggling beauty chain after plans for a company voluntary arrangement (CVA) failed, Sky News has reported.

FRP Advisory, which was appointed as an administrator to The Body Shop in February, is to formally begin the process of an auction for the chain in the coming weeks.

The news comes after FRP’s plans for a proposed CVA of the business could not be materialised.

In a statement to Sky News, an FRP spokesman said it had “not been possible to reach the necessary agreements for a CVA to be launched”.

“The joint administrators have therefore decided to commence a sale process for the underlying business and assets of The Body Shop International,” they said.

The firm added that it was “encouraged by the level of interest received to date from interested parties”.

“The Body Shop remains an iconic brand and, following the structural changes we have made to the business since our appointment, we consider it has a viable future.

“This will be showcased to potential acquirers during the sale process.”

FRP is expected to finalise a sale of the business during the summer, according to sources.

It is understood that The Body Shop’s present owner, Aurelius, is among the possible bidders for the business.

The beauty chain, which fell into administration in February less than three months after being acquired by Aurelius, has since closed nearly half its 197 stores and made nearly 754 staff redundant across its head office, distribution centre and store estate in the UK.