The Courier Mail
8 December 2015
BRISBANE-based hairdressing group Evolve Salons has officially gone belly-up after a corporate “dream-team” behind a string of successful stockmarket floats failed to replicate their success in the world of hair and beauty.
Liquidator Brendan Nixon from Spring Hill accounting firm Stanley Morgan was appointed to the 53 salons across Queensland, NSW, and Victoria yesterday by the Supreme Court.
The last salon to have its lease terminated by the landlord was “Cut & Colour” in Robina, which was ended on November 23, according to Mr Nixon’s report to the court.
Other salons to be closed including one trading under the brand TMH at Arana Hills; Bossy at Milton; Legends at Morayfield; Shaar & George at Chermside and Mods and Rockers at Brisbane Skygate.
The Milton-based company collapsed after it went on an aggressive buying spree with a plan to bundle-up the salons and float on the ASX.
The directors spent $9.82 million to snap up hair and beauty salons, in a failed plan to replicate the success of vet-practice float Greencross or childcare operator G8 Education.
Mr Nixon says in his report that the operating company behind the salons is “clearly insolvent” because it has a secured debt of “at least $7 million”.
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