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Supercuts Enters Administration

Regis UK, the owner of Supercuts and Regis hairdressing chain has been placed into Administration with Deloitte being appointed as Administrators.

Last year Regis had attempted to reduce the commercial rents at its 220 salons’ through a CVA. The CVA was reported to include asking the owners of more than 20 of its salons to be rent free. This proved very unpopular with landlords, including British Land and Hammerson, which mounted a legal challenge to overturn it.

Supercut’s 1,200 employees’ fate lies in whether Deloitte can find a suitable buyer for the business out of Administration. It has been reported that no stores will be closed as Deloitte continue to trade while a buyer is sought.

Figures from the British Retail Consortium suggested 85,000 retail sector jobs had been lost compared to a year ago. There is little to suggest that this trend will not continue, meaning we would not expect this to be the last article regarding a business going bust on the British high street.


 

 

Posted: 25.10.2019
Tags:  announcement
 


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