The owner of Waterstones, Elliott Advisers, is in the running to buy The Body Shop.

The US investment management firm submitted an offer for the the health and beauty retailer, which has stores in Cheltenham, Gloucester and Cirencester, in recent weeks, as reported by Retail Gazette.

The Body Shop's current owner, Natura, put the chain up for sale last month.

Morgan Stanley, which is managing the sale process, hopes to reach a provisional agreement on the future of The Body Shop by the end of October.

Natura bought the retailer from L'Oréal in 2017, but has struggled to maintain its profitability.

The business has grown rapidly in recent years through acquiring companies, but has posted six consecutive quarters of losses.

The Body Shop had hit Natura's bottom line, as consumer behaviour changed following the pandemic.

Elliott Advisers is best known as an activist investor, but also owns US bookseller Barnes and Noble and backs accessories retailer, Claire's.

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