Safestyle has finally gone into administration after revealing that its last possible lifelines of a sale had withdrawn from talks.
News of the collapse was announced by administrators after the retailer’s holding companies concluded they are no longer able to continue trading as a going concern.
Administrators say they are continuing to explore selling certain business and assets to a third party. Meanwhile, customers are being told that orders will not be fulfilled, ongoing installations cannot be completed and customers who have paid deposits are recommended to contact credit or debit card providers.
Most of the 750 employees have been made redundant.
Rick Harrison, managing director at administrators 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.
“Unfortunately for Safestyle, and despite the tireless efforts of the management team over recent months, these challenges have proven too difficult to overcome.”
Safestyle had 8% of the UK market with a predicted 2023 revenue of £140million. It has boasted being the country’s biggest replacement window company, manufacturing over 175,000 frames for 43,000 installations in the last year.
