Bodycare will disappear from Britain’s high streets after administrators announced the closure of its remaining 56 shops, resulting in around 450 redundancies.
The high street beauty retailer collapsed into administration earlier this month and has not been able to secure a buyer for its chain of stores in the UK.
It means around 150 shops will have been shut since administrators at advisory firm Interpath were appointed, with more than 1,000 staff losing their jobs.
The latest closures, which will happen this week, will result in all 444 employees working across the shops being made redundant.
The high street stalwart, founded in Lancashire by Graham and Margaret Blackledge in 1970, had been seeking a rescue deal to save the company and its 1,500 employees.
The business is currently owned by Baaj Capital, a family-run firm led by Jas Singh.
Mr Singh had obtained a £7million loan secured by the chain’s inventory, but efforts to steady the business failed. Some 450 people have already been made redundant.
Bodycare, known for selling brands like L’Oreal, Elizabeth Arden and Nivea, was profitable before the pandemic but racked up heavy losses despite receiving government support.
Administrators of high street beauty chain Bodycare have announced the closure of its 56 remaining stores, resulting in 444 redundancies
The business is run by retail veteran Tony Brown, formerly of BHS and Beales.
The chain joins a growing list of struggling high street chains – like River Island and Poundland – which have both sought drastic restructuring plans to survive.
Shoppers trying to access Bodycare’s website are met with a message reading: ‘Sorry, the shop you are looking [for] is closed right now, please try again later.’
Records on Companies House show that the firm’s latest accounts from 2023 reveal debts of £8.3million.
In a statement, Interpath said Bodycare had ‘faced a number of challenges in recent years which have negatively impacted its financial position’.
It added: ‘This included rising costs, including rent and people costs, a delayed transition to its online retail platform, and the cost-of-living crisis impacting its customer base.
‘In addition, a planned IPO in 2024 was aborted which led to a shortfall in funding. This, in turn, placed strain on supplier relationships, resulting in a shortage of stock.
‘Despite the very best efforts of the directors to address these challenges, and with creditor pressure mounting, the difficult decision was taken to file for the appointment of administrators.’
Nick Holloway, Interpath’s managing director, said: ‘We understand this has been a difficult period and so we want to further express our sincere thanks to Bodycare’s staff who, since day one of the administration, have maintained the strong standards of presentation and customer service that Bodycare was renowned for.
‘We will continue to explore options for the company’s assets, including the Bodycare brand, and will provide further updates in due course.’
Bodycare appointed Interpath on September 5, saying it had come under pressure from rising costs and a shortfall in funding, which also affected supplier relationships and led to stock shortages.
Its demise marks the latest blow to Britain’s high streets, after a number of retail chains have gone bust or scrambled to find a buyer to stay afloat.
Interpath hopes to secure a deal for accessories chain Claire’s after being appointed as administrators for its UK and Ireland business last month.
Discount retail chain Poundland closed a swathe of shops after being taken over by investment firm Gordon Brothers.
In a rare boost for shops, retail sales volumes rose 0.5 per cent last month, slightly better than analysts had anticipated.
Sunshine, the bank holiday weekend and a cut in interest rates were credited with encouraging people to spend.
However, volumes have still fallen over the past three months as consumers continue to struggle with the cost of living.
The Office for National Statistics (ONS) said clothing stores, butchers and bakers, and online shopping were among the strong performers last month.
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