Nearly 700 Safestyle staff lose jobs as window firm enters administration - The Guardian

Administrators for Safestyle have said the windows and doors maker has made about 680 of its workers redundant after it fell into administration.

Interpath Advisory said about 70 of the company’s 750 employees would be kept on in the short term to help wind down the business.

Safestyle said on Friday it intended to appoint administrators after failing to find a buyer. The Bradford-headquartered business has a manufacturing site in Wombwell, near Barnsley, and 42 branches and depots across the country.

The company failed after facing a series of pressures, including runaway inflation and poor consumer confidence, administrators said.

The unseasonably warm weather in September also dented demand for its products.

Safestyle suspended its shares from trading in London last Friday after it realised that a hoped-for rescue deal was unlikely to give shareholders any money back.

Later in the day, the company said that even such a potential deal had proved impossible and the company was going to appoint administrators.

The company’s subsidiary HPAS and holding companies Style Group Holdings and Style Group UK concluded that they could not keep trading as a result.

Rick Harrison, the managing director at Interpath Advisory, said: “These are really challenging times for companies across the home improvement market.

“After seeing strong sales during the Covid lockdown periods, many companies are seeing trading being impacted by the cost of living crisis and soaring costs.”

He added: “Unfortunately for Safestyle, and despite the tireless efforts of the management team over recent months, these challenges have proven too difficult to overcome.

“This will be particularly devastating for the company’s employees, as well as the many self-employed contractors who worked on behalf of the company.

“Our immediate priority will be to provide support to those impacted by redundancy, including supporting them in making claims to the Redundancy Payments Service where relevant.”

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2023-10-30 15:40:00Z
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