More than 1,000 jobs saved in Supercuts rescue deal
More than 1,000 jobs have been saved after the owner of the Supercuts and Regis hairdressing chains was bought out of administration.
Administrators Deloitte confirmed entrepreneur Lee Bushell supported a management buy-out of Regis UK to secure 140 sites across the two brands.
But administrators were forced to close about 60 stores, leading to 200 redundancies.
Regis collapsed into administration in October, less than a year after bosses attempted to persuade landlords to give the company heavy rent cuts.
Supercuts had been struggling for the last few years and went through an insolvency process known as a Company Voluntary Arrangement (CVA) in 2018.
It meant the company could cut its rents in an attempt to stay afloat.
The CVA process has been widely used by several high street names in recent years, including Arcadia, New Look, Mothercare and Carpetright.
But it has faced criticism from some landlords, who claim it is being used as a way to cut rents, instead of only being used to prevent a firm from collapsing.
The Supercuts rescue deal comes just a week after high street retailer Clinton Cards struck a deal to avoid collapse.
On the Supercuts deal, Matt Cowlishaw, joint administrator at Deloitte, 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.”