Rugby salon March Hair closes following ‘unsustainable pressure on cashflow’

The team at March Hair when it opened
The team at March Hair when it opened

A popular and prominent hairdressing salon in the town centre has closed due to financial problems.

March Hair, in Market Place, Rugby, shut down last Wednesday, February 25, resulting in the loss of its six members of staff.

The business opened in 2012 in a three-storey building in the town centre.

The salon was owned by directors and partners Joanne March and Andy Naylor. The couple posted the news of the closure on Facebook and thanked clients for their custom and praised staff for their hard work.

Their other salon in Market Harborough, which opened in 2009, will close this week.

The business has gone in to receivership, meaning it has been removed from the control of its owners and the firm’s directors have lost their powers to the receiver, who stops dividend and interest payments.

A spokesman for FRP Advisory, the restructuring firm managing March Hair in the interest of creditors, said: “After recent attempts by the owners and directors of A Naylor Limited, the Company, trading as March Hair, to secure external investment into the business failed to materialise, the Company was this week left with no alternative but to close its two hair salons in Market Harborough and Rugby, resulting in the regrettable loss of all 14 staff.

“Despite a loyal local customer following in each of its salons and the efforts of its dedicated members of staff, due to the unsustainable pressure on cash-flow March Hair has been unable find a viable solution to allow trade to continue as normal.”

The Rugby salon closed last Wednesday affecting its six staff while the Market Harborough salon, with eight staff, closes today (Wednesday).