The Body Shop collapsed after HSBC withdrew a line of credit and the chain’s private equity buyer failed to secure new funding, The Telegraph can reveal.
A shortfall worth at least £100m arose after Aurelius acquired the retailer in November, much of which stemmed from HSBC’s decision to withdraw credit facilities.
This “unplanned” funding gap led to the retailer’s rapid downfall in February, just three months after Aurelius bought The Body Shop from Brazilian cosmetics company Natura for £207m.
The revelations shed fresh light on the events that led to The Body Shop’s controversial administration and are likely to raise more questions about the collapse of the business.
Not necessarily wholly and really. At lesat, my contention is that it’s all a plan to screw the landlords.