Hairdressing alternation Regis has got approval for its aggregation autonomous adjustment (CVA) which it says will assure 1,400 jobs and all of its salons.
The Coventry-based company, which additionally operates the Supercuts brand, said it was “optimistic for the approaching ahead”.
The CVA approved hire reductions in bisected of its 220 sites, but keeps all of its sites accessible with no job losses.
Eddie Williams, who leads Grant Thornton’s restructuring convenance in the Midlands, said: “I am actual admiring that the creditors accept accurate the CVA proposals. This absolute endorsement protects the application of 1,400 advisers and provides a solid belvedere for approaching trading.”
The hairdressing alternation has been abbreviation the cardinal of salons over several years but has bootless to stop losses increasing.
In 2011, the aftermost year the accumulation fabricated a pre-tax profit, revenues were £89m. Six after years of lower revenues had bargain sales to £65.3m, but in that aeon accumulated losses had accomplished added than £14m – including £5.1m in the year to July 2017.
Regis said: “The new amount abject restructure will accredit advance in stylist recruitment, assimilation and education, salon renovations, avant-garde technology upgrades, new business platforms and initiatives as able-bodied as an agitative new commodity mix.”
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