More than 100 Body Shop stores have been saved from closure after a deal was struck to rescue one of Britain’s best known high street chains.

The well-known retailer was bought out of administration by a consortium led by “Cosmetics King” Mike Jatania.

The millionaire tycoon’s investment firm Aurea announced the completion of the acquisition on Saturday.

Money latest: Best paying jobs after university

Mr Jatania and Charles Denton, former chief executive of beauty brand Molton Brown, will head the new leadership team.

In a statement, Aurea said the deal would “steer the Body Shop’s revival and reclaim its global leadership in the ethical beauty sector it pioneered”.

It is understood there are no immediate plans to shut any of its 116 remaining UK stores.

Sky News revealed earlier this week that Aurea was poised to finalise the buyout as it lined up more than £30m in new financing.

Mr Jatania previously ran Lornamead – the owner of personal care brands including Lypsyl, Woods of Windsor, Yardley, and Harmony haircare – which he sold to rival Li & Fung for around £155m more than 10 years ago.

The Body Shop fell into administration in early February after previous forecasts for how much funding it would need to keep going proved too low.

Read more on Sky News:
Aston Martin F1 team value soars
Economy needs ‘£1trn investment over decade’

In the weeks that followed, administrators warned hundreds of jobs would be lost and dozens of shops closed.

The business had employed about 1,500 store workers before its collapse into insolvency.

The company’s administration underlined the decline of the high street stalwart.

It was founded in 1976 by Dame Anita Roddick, trading out of a small shop in Brighton, which made its name selling cruelty-free fair trade products.

Mr Jatania, co-founder of Aurea, said: “With the Body Shop, we have acquired a truly iconic brand with highly engaged consumers in over 70 markets around the world.

“We plan to focus relentlessly on exceeding their expectations by investing in product innovation and seamless experiences across all of the channels where customers shop while paying homage to the brand’s ethical and activist positioning.”

Charles Denton, chief executive of the Body Shop, said: “We believe there’s a sustainable future ahead and working closely with the management team we aim to restore the Body Shop’s unique, values-driven, independent spirit.”