Safeglaze collapse puts
Camden staff on alert
6th November 2018

The first ripples from the Safeglaze insolvency were being felt this week as Camden Group issued a formal 30-day redundancy warning to staff.

Meanwhile, Safestyle shares have doubled from 48.00GBp in the three weeks since the company ended the two rivals’ court battle with a formal non-compete agreement with Mitu Misra, the original founder of Safestyle and the man behind the aggressive new rival read story.

Antrim-based Camden this week issued a memo to staff saying: “The company now finds itself in the unfortunate position where it has to announce that employees are at risk of redundancy," citing a sudden and unexpected reduction in orders.

The statement continues: “The company is awaiting receipt of further information from the customer, however, we anticipate that approximately 80 employees will be at risk of redundancy within various departments across the business.”

Figures relating to the impact on suppliers are not known but Camden is expected to be one of the biggest in the chain as Safeglaze’s PVC-U fabricator. The original statement from joint administrator Rob Adamson spoke of: “…the decision by the owner and stakeholders not to increase their exposure beyond the current level which is in excess of £11 million.”

It continues: “The inability to secure materials to facilitate minimum weekly sales levels has adversely affected the Company’s cash flow and because of the uncertainty it was felt by the director that trading could not continue. It is with regret that 132 staff have been made redundant today and the Company has ceased to trade.”

Safestyle has made no official statement but various share-watchers’ forums have indicated that a number of Safeglaze personnel, including some earlier defectors, are now employed by Safestyle.

The company also announced this week the appointment of business consultant and former Direct Marketing Association board member and ITV director Julia Porter as non-executive director.

Safestyle UK PLC Chairman Alan Lovell said: "I am pleased to welcome Julia to our Board as a Non-Executive Director. Julia's significant experience in marketing and business consulting will be invaluable as we continue our focus on delivering growth and returning to sustainable profitability.”