About 1,000 jobs and 140 branches of Supercuts could be saved as a rescue deasl has been announced by the firm’s administrators.
The joint administrators said the business and assets of Regis UK Limited have now been sold to the Bushell Investment Group.
Matt Cowlishaw, joint administrator, said: “We are pleased to have concluded the sale and for being able to preserve a significant number of jobs at two well-known brands.”
Regis operates hairdressing salons around the UK, primarily under the Regis and Supercuts brands.
The sale will mean that both brands stay on the UK high street, with more than 1,000 jobs being secured.
Rob Harding and Matt Cowlishaw of Deloitte were appointed as joint administrators to Regis UK Limited on 23 October 2019.
Ahead of administration Supercuts had 220 UK branches and employed more than 1,200 people, while there were also 100 Regis outlets.
The firm entered administration less than a year after Regis UK announced it was seeking a rescue deal in order to stay afloat.
Before administration, Supercuts was owned by the Regis Corporation, which also owns Regis Salons, Mia & Maxx, MasterCuts, Cost Cutters, SmartStyle, and First Choice Haircutters in the United States and Canada.
Related: Supercuts Franchise
Supercuts was founded in San Francisco Bay in 1975, by Geoffrey M. Rappaport and Frank E. Emmett.
The company’s first location was in Albany, California. The headquarters are in Minneapolis, Minnesota.
Its UK arm is owned and operated by private equity firm Regent, L.P., under a franchise agreement with Regis Corporation.
By James Andrews