The owner of hairdressing chain Supercuts has struck a rescue deal saving more than 1,000 jobs.
Announcing the agreement shortly before Christmas, owner Regis said a deal has been agreed in support of a management buyout (MBO), led by investment from entrepreneur Lee Bushnell.
Despite already closing more than 60 sites, the deal will secure the jobs of more than 1,000 workers from 140 salons.
It comes after Regis UK fell into administration in October, with the company citing burgeoning employment costs and poor consumer demand.
One of the oldest hairdressing chains in Britain, Supercuts battled with landlords to keep the company alive before securing the confidence of creditors with a new restructuring plan.
The landlords, including British Land and Hammerson, had attempted to block the plan – which would have seen some rents cut by 100 per cent – by filing an appeal in the courts.
Commenting on the rescue deal, administrator Matt Cowlishaw 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 UK joins a long list of struggling high street giants nearing collapse, including the likes of Sir Philip Green’s Arcadia Group and department store Debenhams.