Safestyle UK and its component companies owed more than £30million to customers, suppliers and others at the point when the company went into administration, official documents have revealed.
The group’s subsidiaries – HPAS Limited, Style Group Holdings Limited and Style Group UK Limited are shown to have owed trade creditors £11.8million, HMRC £11.9million, with a further £9.7million to staff, customers and others, according to the statements of affairs posted by administrators Intepath.
Further details of assets which may be offset against the debts are expected to be posted in the near future but the shortfall is said to be significant.
The retailer was placed into administration in October after a long period of plummeting shares https://www.the-glazine.com/?p=10841.
Two weeks later, it was announced that the administrators had sold its order book and other assets to Anglian, which confirmed it would honour the terms of all contracts and prioritise all part-completed work https://www.the-glazine.com/?p=10973
