Administrators search for Supercuts buyer

LIQUIDATORS of failed Queensland hair dressing chain Supercuts are hopeful a buyer will emerge for the 32year-old business that closed earlier this week with the loss of 76 jobs.

Pontefract Pty Ltd, which traded as Supercuts Hairdressing Salons, was voluntarily placed in liquidation on May 7, with Mark Pearce and Michael Dullaway of Brisbane-based Pearce and Heers appointed liquidators.

The company, which operated 13 salons in Queensland, including outlets on the Gold Coast, and one in Canberra, had been struggling for more than three years in an increasingly tough retail market.

It was placed in voluntary administration in November 2015 after racking up significant debts to the Australian Tax Office and for employee superannuation.

Supercuts Hairdressing Salons in South Australia are owned by unrelated parties and are not affected by the liquidation.

The company from 2015 continued to trade under a deed of company arrangement, reducing the number of salons as it attempted to cut costs.

However, Mr Pearce said that subsequent to that the company had incurred more losses and run up a further debt to the ATO of more than $1.7 million.

“Over the past six months, the directors sought to sell the business and a sale contract was entered into but did not proceed,” said Mr Pearce. “Following the recent termination of that sale contract, the decision was made to place the company in liquidation.”