Two British-based investors have joined the race to buy The Body Shop as its Brazilian owner tries to offload the ethical cosmetics chain.

Sky News understands that Alteri Investors, which has owned UK-based retailers including Bensons for Beds and Missguided, and Epiris, a former owner of Hotter Shoes, have both submitted indicative offers for The Body Shop.

Their interest adds to that of Elliott Advisors, the owner of Waterstones.

Natura, The Body Shop’s owner since 2017, is working with bankers at Morgan Stanley on the sale.

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City sources said Natura is keen to reach a provisional agreement on a sale by the end of next month.

Founded in 1976 by the environmental campaigner Anita Roddick and husband Gordon, The Body Shop still retains a big presence on British high streets.

Its opposition to animal testing won it a big consumer following, but has in recent years seen its environmental and social responsibility credentials matched by many rivals.

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It was owned by L’Oreal, the cosmetics giant, prior to its sale to Natura, but has struggled to achieve profitable growth.

The chain employs about 10,000 people, and operates roughly 3,000 stores in 70 countries.

Alteri and Epiris declined to comment.

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