The Body Shop proposes tax deal to free up cash for creditors

The Body Shop proposes tax deal to free up cash for creditors

THE WHAT? The Body Shop’s administrators are hoping that the ethical beauty brand can retain tax benefits worth up to £66 million in order to reduce its future tax liability, if it can trade profitably again once it exits the bankruptcy process.

THE DETAILS According to a report published by Fashion Network, quoting The Times, should creditors support the proposed restructuring deal, they would be paid a dividend reflecting the value of the tax asset.  

THE WHY? The Body Shop owner, Aurelius, placed the chain into administration shortly after it acquired the brand from Natura &Co for £207 million. It has announced the closure of some 75 UK stores as a result.

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