The administrators of stricken beauty products chain The Body Shop are to auction the business after their hope for a CVA proved a non-starter.

The company, which is one of the best known names on the UK high street, was a pioneer in the ethical beauty sector. But it’s now up for grabs after a succession of deep pocketed owners have failed to return it to growth.

Administrators at FRP Advisory are reportedly preparing to begin formally sounding out potential buyers in the next few weeks with a deal expected by the summer.

That’s according to Sky News, which reported a statement from an FRP spokesman saying that after engaging with stakeholders, it had “not been possible to reach the necessary agreements for a CVA to be launched”.

It added that “the joint administrators have therefore decided to commence a sale process for the underlying business and assets of TBSI [The Body Shop International]”. And it said it had been “encouraged by the level of interest received to date from interested parties”.

Following the sale and restructuring of its international business and the closure of a number of UK stores, the chain operates from around 100 stores in Britain. So who might buy it?

Aurelius, the German private equity group that acquired it from its previous owner just a few months ago is likely to be in the running. Retail giant Next reportedly expressed an interest earlier in the year. And Frasers Group is also known to be permanently on the lookout for distressed businesses that it believes it can turn around. But there are bound to be other interested parties from the UK and beyond that might come up with a figure to clinch a deal.