Rush Returns to Being a Family-Owned Business
The Rush Hair salon brand, which has almost 100 salons throughout the UK has marked its 25th anniversary by buying back the shares owned by a private equity firm to become a 100% family-owned business.
Co-founders Andy Phouli and Stell Andrew received the £16 million investment from private equity firm LDC in 2016. This investment led to the salon group’s growth and sales of over £45 million.
This week the founders bought back the remaining shares to acquire the company. Plus, Andy’s son and Stell’s godson Peter Phouli has been named a member on the board.
Stell said: “We believe in mixing our business model with a more creative approach to challenge the ‘traditional way of doing things’ in retail. Peter brings a real flair for innovation and will help drive our company forward with digital technologies to enhance the client experience at Rush. This is very much in line with our overall vision for the company.”
Peter said: “We are in the business of making people feel special. With our vision of becoming the employer of choice, this is a phrase we use frequently within our business. We believe that both our colleagues and clients are part of the #rushfamily.”
He added: “We strive for digital innovation in the industry and to listen to what our clients want. This is reflected by the fact we are repositioning our brand values in order to meet the needs of clients, and increasing our focus on quality of product and service even further, to ensure every client experience at Rush is a truly great one.”
Andy said: “it feels great to mark this 25th anniversary milestone as a family-owned business and have Peter join the board as we take on the next chapter of our journey building on our success.”