Yorkshire based Doubled Glazing giant Safestyle is facing liquidation.
Only last week, the company, which has its HQ in Bradford, announced administrators had been appointed.
Around 680 of its workers were made redundant as a result of the firm going into administration.
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.
ITV flagship breakfast show Good Morning Britain described the shocking news as “devastating for the people of Bradford.”
Safestyle facing Liquidation
Interpath Advisory who have their head office in London are the appointed company administrators.
Rick Harrison, managing director at Interpath Advisory said: “These are really challenging times for companies across the home improvement market.”
He continued “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.”
An employee told the Bradford news outlet Telegraph & Argus: “I’ve been here nearly 14 years and we stayed loyal to the company and now we’ve lost our jobs.
“We’ve got families to feed, mortgages and bills to pay and now we’re not being paid.”
It is now highly likely that the company will be liquidated.
Safestyle Liquidation announcement
A notice on Safestyle’s website says:
“Upon the appointment of the administrators, Safestyle ceased to control and/or conduct substantially all of its business activities and assets and, as a consequence, Safestyle is now regarded as an AIM Rule 15 cash shell (“AIM Rule 15 Cash Shell”).
“In light of such developments, the Directors are now taking legal advice and are likely to be required to place Safestyle into liquidation in due course.”
Interpath said it was unable to comment on the liquidation announcement “as, at this point in time, we have not been appointed over that particular entity”.
Mr Harrison added: “Our utmost priority remains to support the company’s employees, providing them with the information and support they need at this tremendously difficult time.
“We have already been in contact with Safestyle’s key competitors and other companies who work in this space to enquire around possible employment opportunities for Safestyle staff.
“We will collate all relevant information, including contact details such as telephone numbers and hotlines, as well as the details for Job Centre Plus, and will share this on our dedicated webpage.”