A British hairdressing chain is preparing a multimillion rescue package to save the Irish wing of Toni & Guy, the multinational hair salon and product company.
Toni & Guy (Ireland), which holds the Irish master franchise for the hair chain, went into examinership last Friday morning amid claims of fraud and financial irregularities. The business has debts of €3.5 million.
The company operates 12 salons and beauty clinics in Ireland and a Dublin training academy. The Irish business is owned and managed by award-winning hairdresser Alan Boyce, who bought the Irish master franchise ten years ago.
Boyce petitioned the High Court last Friday for protection from the company’s creditors. Mr Justice Peter Kelly granted the application and appointed Michael McAteer, a partner of Dublin accountancy firm Foster McAteer, as interim examiner.
McAteer has 70 days to prepare a rescue package for the company.
The Sunday Business Post has learned that a leading British hairdressing chain has already signalled its intention to back the company and discussions are ongoing.
Boyce is expected to invest additional capital in the business and the company will close down nonperforming outlets over the coming months.
More than 330 people are employed at Toni & Guy salons all over Ireland.
The court was told that the company was trading profitably, but that it was struggling to overcome historic losses.
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