Serial acquirer Next and retail giant M&S are both interested in taking on The Body Shop following the cancellation of its CVA plan.

They’ve made early expressions of interest as the collapsed firm’s administrators prepare to launch an auction of the business. But German private equity group Aurelius, which had bought The Body Shop from Natura &Co and put it into administration shortly after, is also expected to bid for the business.

FRP Advisory had been hoping to put through a company voluntary arrangement after the administration filing. But it was decided that the CVA idea wasn’t viable so announced the operation would be auctioned.

What potential bidders will get is a radically slimmed-down firm with store closures and redundancies having been pushed through in recent weeks, reducing the chain to just over half its former size in Britain.

The nightmare scenario unfolding at The Body Shop — including divestments and closures of its international business — led to politicians querying how it came to the current situation when the British arm had previously been reported to be profitable.

Regardless of that, FRP has told creditors that it was “encouraged” by the early interest shown in the retailer by more than 70 potential bidders. However, it’s likely that most of them will be deemed unsuitable buyers so the final race will be between just a few serious bidders.

A final decision over who gets the prize is expected during the summer.