The group behind hairdressing chains Regis and Supercuts has asked landlords to back a survival plan that could see rents slashed completely, according to latest reports.
As first reported in the Evening Standard, Regis UK is looking to slash its rents through a company voluntary arrangement (CVA) as it struggles with lower footfall, the apprenticeship levy and higher pension costs. It is being advised by Grant Thornton on the CVA.
The hairdressing group employs 1300 staff in Britain across 223 shops.
Jackie Lang, managing director of Regis UK, said: “This action has been taken to restructure our costs to ultimately enable reinvestment into the business to improve our digital platforms and our expertise in salon. If successful over 90% of our creditors will be unaffected.”