The owner of the Supercuts and Regis hairdressing chains, Regis UK, has been bought out of administration, saving 1,000 jobs.

Entrepreneur Lee Bushell has agreed to buy 140 outlets trading under the two brands across the UK.

But, as first reported by Sky News, the deal will also involve the closure of about 60 sites risking 200 jobs.

Regis fell into administration in October blaming a “perfect storm” of pressures.

It has been struggling with a fall in customer numbers in shopping centres where many of its salons are located. It also said higher wage costs had worsened its “cash flow issues”.

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