Emmanual Osti, former head of L’Occitane, is joining forces with CVS Capital Partners to put forward a £850 million bid for The Body Shop, according to a report by The Sunday Times.

CVS Partners, which last year sold control of Formula One to Liberty Media, is thought to be working with Osti on the takeover plans, with Osti said to have been courted by numerous private equity firms over the course of a few months following the announcement L’Oréal is set to sell The Body Shop.

Other interested parties in the company include Apax Partners and Advent International, with L’Oréal said to be working with Lazard bankers to sell the flailing brand.