Safestyle UK, which relies at Unit 1A of Lancaster House in Edison Business Park, Dorcan, introduced its intention to appoint directors on the corporate’s web site.
The firm has been becoming home windows and doorways in Swindon for nearly 20 years.
The discover, issued by Safestyle simply earlier than 6.30pm on Friday, mentioned: “Safestyle UK plc publicizes that following its announcement of October 26, 2023, the events that had been, at the moment, concerned within the proposed sale course of as outlined in that announcement, have withdrawn their respective pursuits.
“Therefore, the board of the main trading subsidiary of the group, H.P.A.S. Limited (“HPAS”) and different intermediate holding corporations within the group, particularly Style Group Holdings Limited and Style Group UK Limited, has concluded that they’re not ready to proceed buying and selling as a going concern.
“Consequently, the board has filed notice of intention to appoint administrators to HPAS, Style Group Holdings Limited and Style Group UK Limited in Court today.”
The assertion went on to say: “Unless monetary circumstances change, and in accordance with statutory necessities, the board of those three corporations intends to appoint directors inside 10 enterprise days.
“Further announcements will be made as and when appropriate.”
Earlier on Friday, the Bradford agency additionally introduced it was briefly suspending the buying and selling of shares on AIM, a sub-market of the London Stock Exchange.
A Safestyle assertion mentioned: “At the request of the company, trading on AIM for the under-mentioned securities has been temporarily suspended from 27/10/2023 7:30am, pending clarification of the company’s financial position.”
An worker of Safestyle UK at its head workplace in Bradford told our sister title the Telegraph and Argus of the “upset” and “frustration” staff are feeling after receiving a textual content message outlining the agency’s intention to appoint directors.
The long-time worker, who wished to stay nameless, shared with the T&A a textual content message despatched to the employee by Rob Neale, CEO of Safestyle UK.
They mentioned: “It’s definitely been a tough time. Many employees are annoyed, frustrated and upset with the whole situation, which has happened just before Christmas.”
In the textual content message, Mr Neale mentioned: “I need to inform you all to safely down instruments with speedy impact and to go dwelling and/or not to attend work.
“This is not what any of us wanted. It is the one we have all worked hard to avoid. I commend you all for your professionalism, resilience, decorum and support for each other over what has been a very difficult period.”