Online marketplace Beauty Bay has recruited bankers to consider options, including a sale, after previously considering a listing in London.
Beauty Bay has reportedly hired Threadstone Capital to advise it as it considers options such as a full or partial sale, or taking over other businesses to pursue its expansion ambitions.
According to Sky News, the beauty platform is now unlikely to resurrect previous plans to go public.
While sources told Sky News the business would be hit by rising costs like its peers, they said Beauty Bay had seen business performance surpass pre-pandemic levels.
It had been reported that the company, founded by brothers Arron and David Gabbie in 1999, hoped to follow in the footsteps of The Hut Group after its successful listing in 2020.
However, THG has since seen its share price plunge after several grim headlines about the lifestyle company.
Companies have been reluctant to list in London this year due to market volatility, exacerbated by the war in Ukraine and rapidly rising inflation.