Business
Regis Announces the Franchise of Over 100 Salons in the United Kingdom to the Bushell Investment Group
MINNEAPOLIS--(BUSINESS WIRE)-- Regis Corporation (NYSE: RGS), a leader in the haircare industry, whose primary business is franchising, owning, and operating
About this update from Regis Corporation
[{"type":"text","content":" MINNEAPOLIS--(BUSINESS WIRE)--\nRegis Corporation (NYSE: RGS), a leader in the haircare industry, whose primary business is franchising, owning, and operating technology enabled hair salons, today announced that it entered into a franchise arrangement with the Bushell Investment Group (BIG), which has acquired over 100 Supercuts® and Regis® salons in the United Kingdom from The Beautiful Group (TBG).\n\n\nThe Bushell Investment Group is a UK based private family office focused on investing in small and medium enterprise businesses within the U.K., Europe and North America. BIG offers a range of equity and debt solutions focused on assisting business owners and management teams in developing their businesses. BIG has investments in a range of businesses, including property finance, logistics and warehousing, professional services support and retail.\n\n\n\"We are excited about our new relationship with BIG and believe they are well positioned to operate the Supercuts and Regis salons in the U.K.,” commented Eric Bakken, Executive Vice President, President - Franchise of Regis Corporation. “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.”\n\n\nLee Bushell, CEO of Bushell Investment Group, said “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.”\n\n\nAs part of the arrangement, BIG is retaining longtime portfolio manager, Jackie Lang. “Jackie’s experience and tenure operating Supercuts and Regis salons in the U.K. is an asset to BIG and maintains leadership continuity during this transition,” Bakken added.\n\n\nHugh Sawyer, President and CEO of Regis Corporation commented “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.”\n\n\nThe remaining TBG salons not acquired by BIG will likely be closed as part of TBG’s insolvency proceeding in the United Kingdom. Regis did not have and does not incur any financial obligatio...