One of the leading beauty chains in the UK is facing the possibility of closing down 100 stores across the country. Bodycare, which recently went into administration, has officially announced the permanent closure of 32 of its outlets.
Reports suggest that a number of stores ceased operations earlier this week, resulting in around 450 employees losing their jobs. The company has appointed advisors from Interpath Advisory to manage the administration process.
Stores in prominent areas like Yorkshire and Wrexham have already sold off their stock, and the Bodycare website is currently offline.
Nick Holloway, the managing director at Interpath and one of the administrators, commented on the challenges faced by high street retailers amidst increasing costs and reduced consumer spending.
Holloway stated, “Bodycare encountered significant obstacles due to financial gaps and mounting creditor pressures, making it difficult to navigate through these challenging times.”
Founded in 1970 by Graham and Margaret Blackledge on a Lancashire market stall, Bodycare has been owned by Baaj Capital since 2021.
Earlier reports indicated that Bodycare had secured a debt facility of up to £7 million against its retail inventory. Such debt facilities involve a formal agreement where a lender provides funds to a borrower for a specific period.
Currently, 115 Bodycare stores are still operational, but there is a risk of potential closures based on the outcome of the administration process.
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