Salon Services sells to US rival for £30m

A SCOTTISH hair and beauty products chain has been sold off to a US rival for £30 million.

Salon Services, which has become one of the UK's biggest beauty wholesalers after starting out with a single shop in Glasgow, has been snapped up by Sally Beauty.

A total of seven staff members have become millionaires from the deal after cashing in the share options they bought years ago. But their identity was undisclosed.

Gerry Hegarty, chairman and the largest shareholder in the company, which employs more than 600 people and has a turnover of 54m, said: "Our first premises were tiny. We only had a limited range of stock. But from the day we started we have never looked back.

"I was very keen in the early days for staff to have shares in the company and it brought a different work ethic."

According to Companies House, Mr Hegarty has 1544 shares in the firm out of 5000 issued - which would have seen him net more than 9m from the deal.

Maureen Hegarty, the next largest shareholder with 838 shares, is likely to walk away with around 5m.

Mr Hegarty added: "When I walked out of the door . . . I left behind seven millionaires. In a week where there had been job fears, like at Weir's, the best thing is that there will be no jobs lost or changes and I am leaving behind a good business."