Following this mornings announcement, it has been shared that the business has gone into administration. Rick Harrison and Will Wright from Interpath Advisory were appointed joint administrators to H.P.A.S Limited, trading as Safestyle UK, Style Group Holdings Ltd and Style Group UK Ltd on 30 October 2023.
Redundancies have been made for 680 of its 750 strong workforce. If you are an employee and have been made redundant or are concerned about what this means for you, please check out our guide.
For customers, if you have outstanding orders then they are not going to be fulfilled – unless a buyer is found and the orders are included in the deal.
A Bradford based double glazing windows firm has announced its intention to appoint administrators. Safestyle UK announced that it would appoint administrators after weeks of uncertainty at the company. They acknowledged that they haven’t been successful in finding a buyer for the company or fresh financiers to provide funding.
The company’s share price has been falling due to unfavourable trading updates during the autumn, and at the beginning of the month, they announced that they were seeking new investors to provide more funding for the company.
They published the following statement on Friday night:
Safestyle UK plc (AIM: SFE.) announces that following its announcement of 26 October 2023 (the “26 October Announcement”), the interested parties that were, at that time, involved in the Proposed Sale process as defined in that announcement, have withdrawn their respective interests.
Therefore, the Board of the main trading subsidiary of the Group, H.P.A.S. Limited (“HPAS”) and other intermediate holding companies in the Group, namely Style Group Holdings Limited and Style Group UK Limited, has concluded that they are no longer able to continue trading as a going concern.
Consequently, the Board has filed notice of intention to appoint administrators to HPAS, Style Group Holdings Limited and Style Group UK Limited in Court today.
Unless financial circumstances change, and in accordance with statutory requirements, the board of these three companies intends to appoint administrators within 10 business days.
Further announcements will be made as and when appropriate.
You can read the original statement here:
Additionally, a text message reportedly from the CEO confirms to employees that the business will be put into administration and that there will be a Teams call on Monday at 2:00 PM, at which additional details will probably be disclosed. The way that the intention to appoint administrators was communicated to the personnel has already drawn criticism.
A analysis on how the biggest window and door installer dropped from a £250 million valuation to nothing in just six years will one day be conducted. However, employees’ top concern right now is whether they will get paid for the work they have completed. Homeowners will be worried about paid deposits, unfinished repairs, and work that needs to be done. Suppliers will be concerned about what will happen to their current inventory and if they will be reimbursed.