Investment group acquires Regis & Supercuts salons
Hair care giant Regis Corporation has entered into a franchise arrangement with the Bushell Investment Group (BIG), which has acquired over 100 Supercuts
® and Regis
® salons in the UK from The Beautiful Group (TBG).
A UK-based private family office focused on investing in small and medium enterprise businesses within the U.K., Europe and North America, the Bushell Investment Group has investments in a range of businesses.
Lee Bushell, CEO of Bushell Investment Group, says:
“We are thrilled to become a franchisee of the well-known brands Regis and Supercuts. This acquisition from TBG fits well with our experience of owning multi-unit retail stores. This is an incredible opportunity and we look forward to the future.”
Eric Bakken, Executive Vice President, President - Franchise of Regis Corporation, adds:
“We are excited about our new relationship with BIG and believe they are well positioned to operate the Supercuts and Regis salons in the UK. We are pleased to maintain the Supercuts and Regis brands in the U.K. and this arrangement will enable us to preserve the brands and optionality for the future.”
As part of the arrangement, BIG will retain long-time portfolio manager, Jackie Lang, to operate
Supercuts and
Regis salons in the UK.
“We are pleased to establish a new franchise relationship with Bushell Investment Group. We believe this new arrangement will de-risk our portfolio, establish a platform for future growth and ultimately prove to be in the best long-term interests of our shareholders.”
The remaining TBG salons not acquired by BIG will likely be closed as part of TBG's insolvency proceeding in the UK. Regis did not have and does not incur any financial obligations related to the closure of those salons.
