Beauty products chain the Body Shop has been put up for sale by its Brazil-based owner Natura & Co, with private equity firm Aurelius Group now in discussions over acquiring the business, according to a report by Reuters.

The report cites unnamed sources with knowledge of the matter as revealing that should a deal be agreed, it is expected to value The Body Shop at a lower price than the £400m-£500m suggested in other media reports.

Cosmetics maker Natura's board of directors authorised a review of "strategic alternatives" for The Body Shop, which it acquired from L'Oreal in 2017, back in August, including a potential sale of the business.