Safestyle gains an injunction and a chairman as shares slide further
17th July 2018

Safestyle UK today announced it has been granted temporary injunctions preventing Safeglaze UK from using the Safestyle UK name or logo but also failed to stop the aggressive newcomer from using its own Safeglaze UK brand.

News of the partial victory comes in a week when Safestyle named its new chairman – its third in three months – days after issuing its third profits warning this year and seeing shares continue to slide to less than half their peak price of three months ago.

Yesterday, the company announced the appointment of former Dunlop Slazenger and Costain Group PLC chief executive Alan Lovell, pictured, as its new non-executive chairman, following on from Peter Richardson who stepped down in May (Read story) just a month after taking over following the resignation of the then chairman Steve Halbert.

Last Wednesday, Safestyle shared dropped 19% to 40.51p after it issued another profit warning, this time saying it expects to report ‘a small loss’ for the year. Shares continued to fall and as of today were hovering around 36p. Their most recent peak was in April when the price reached 82p.

After the latest hearing, yesterday in the UK business and property courts, the company said in a statement: “The Company was not successful in securing interim injunctive relief against the use of the Safeglaze UK brand. However, the Court upheld a number of injunctive orders previously made preventing Safeglaze UK and certain named individuals from undertaking various actions.

The Court also made an order preventing Safeglaze UK from using Safestyle's name or logo. Those Orders have been made on an interim basis, pending further order or final order of the Court, and the Court ruled that Safestyle will be entitled to seek a proportion of its legal costs in obtaining those orders from Safeglaze UK.