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THE bulk of Supercuts and Regis hairdressing salons have been bought out of administration, securing 1,000 jobs.
The salons were rescued in management buy-out backed by a firm called Bushell Investment Group.
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In October, their owner Regis UK had plunged into administration, placing a question mark over the future of 1,200 jobs.
It is thought 140 salons have been saved in the deal but around 60 are set for closure, meaning 200 jobs are likely to be lost.
The salvaging of a substantial number of jobs represents a rare piece of good news on the high street following another torrid year for retailers, restaurant operators and other chains.
Deloitte’s Matt Cowlishaw, joint administrator of Regis UK, 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.”
Geoffrey Rappaport and Frank Em-met opened the first Supercuts salon in Albany, California, in 1975. The chain was then bought by Regis Corporation in 1996.
Since its 2017 sale to private equity firm Regent, the chain has struggled to cope with lower footfall in shopping centres and higher staff and pension costs.
Last year it agreed a company voluntary arrangement (CVA) with its creditors in an desperate attempt to cut its rents and stay afloat.
However, last December landlords including British Land and Hammerson filed an appeal to challenge Regis’s CVA in the courts.
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