Safeglaze debts top £15m
– Camden owed £2.5m
8th January 2019
Safeglaze UK, the Safestyle me-too that went into administration after losing a court battle with its rival last October, had debts of over £15million, including £2.5million to the Camden Group and over £350,000 to other industry players (below) including GAP, Virtuoso Doors and HWL Trade Frames.
The statement of affairs posted last month also show the biggest creditor to be Mitu Misra, the former Safestyle founder who was behind Safeglaze, at £10.5million of the total £15.6million, as well as HMRC at £1million.
The collapse of Safeglaze led to 130 job losses at the company, though many were said to have gone to Safestyle, including a number who had defected from there in the months previous.
It was also followed by the issue of redundancy notices relating to around 80 employees at Antrim-based Camden, which had been its principal frame supplier.
Around 70 companies were listed as creditors on the statement of affairs of Niamac Developments Ltd t/a Safeglaze UK Ltd. Among these were:
GAP UK Ltd & GAP 2 Ltd - £158,805
Virtuoso Doors - £98,995
HWL Trade Frames - £50,333
Eurocell Ltd - £23,874
Specialised Conservatory Systems Ltd, Preston - £9,616
Rapierstar Ltd - £9,500
DWM Door and Manufacturer Ltd, West Mids - £8,715
City Glass, Leeds - £6,976
Victorian Sliders - £4,390
Premier DGU Ltd - £2,067