A consortium led by British tycoon Mike Jatania has agreed to buy the long-troubled UK beauty retailer The Body Shop out of insolvency. The acquisition is expected to be completed in the coming weeks.WHO: Founded in 1976 by the late businesswoman and human rights activist Anita Roddick and her husband Gordon, The Body Shop pioneered ethical consumerism and argued that business could be a force for good.WHY: The Body Shop fell into administration in February, three months after private equity firm Aurelius agreed to buy the chain for £207 million ($266 million). The UK arm owed more than £276 million to creditors when it collapsed. The brand’s administrator FRP Advisory launched an auction in May, stating alternative restructuring processes were not viable. FRP blamed the collapse on financial challenges under its previous owners Natura &Co.IN THEIR OWN WORDS: New co-owner Charles Denton said about a trip to The Body Shop Littlehampton HQ, posting on LinkedIn, "Honestly, I wasn’t sure what to expect. The past six months have been extremely distressing for the entire organization—a never-ending stream of advisors, consultants, new owners, administrators, redundancies, closures, and all the while working under a cloud of uncertainty. Everyone I met, without exception, exhibited the same qualities: passion, commitment, talent, and, of course, extraordinary resilience. I’m truly impressed by their courage and determination to keep going."He continued, "Over the next few weeks, we’ll work together to develop a strategic plan that sets up the business for long-term growth. If everything plays out as intended, we should emerge from administration in August.