US and UK Firms Sweep Up Roles On Supercuts Administration
The company previously faced a CVA legal challenge which a host of other firms are acting on.
October 29, 2019 at 06:50 AM
2 minute read
Locke Lord and Addleshaw Goddard have won roles on the administration of major hairdresser Supercuts.
The firms are advising Regis U.K., which trades under the Regis and Supercuts brands, on the process after its U.S.-based owner placed the company into administration. The hair salon giant serves more than 33 million customers each year, according to its website.
Regis U.K. entered insolvency last week and Deloitte was appointed administrator.
Locke Lord is representing the company's U.S. owner Regis Corporation on the process. Its team is being led by restructuring partner and London head David Grant, alongside senior insolvency counsel Marc Abrahams.
U.K. firm Addleshaw Goddard is acting for Deloitte, with its team led by London-based restructuring partner Paul Fleming.
The firms are the latest to win roles after several lined up to advise last year when Regis U.K. entered into a company voluntary agreement (CVA), following financial difficulties.
Shoosmiths Birmingham-based restructuring partners James Keates and Aaron Harlow were initially advising Regis U.K. on the process, while Pinsent Masons restructuring partner Amy Flavell was acting for Grant Thornton as supervisor of the CVA.
Regis U.K.'s landlords then challenged the CVA, with Hogan Lovells fielding a team led by real estate dispute partner Mathew Ditchburn to advise the landlords.
This administration is the latest of several in the struggling retail sector. Other high street businesses that entered administration this year included retail giants Debenhams and LK Bennett, as well as chains HMV and Patisserie Valerie.
Law firms have picked up a host of mandates on the processes, with firms including Linklaters, Freshfields Bruckhaus Deringer, Kirkland & Ellis and Allen & Overy, DLA Piper and Gateley advising.
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