Rick Harrison and Will Wright from Interpath Advisory have been appointed joint administrators to H.P.A.S Limited, which operates under the names Safestyle UK, Style Group Holdings Limited, and Style Group UK Limited.
Headquartered in Bradford, Safestyle UK is a prominent retailer and manufacturer of PVCu replacement windows and doors for the homeowner market in the UK. The company boasts a spacious manufacturing facility in Wombwell, near Barnsley, and operates through a wide network of 42 sales branches and installation depots across the country.
Like many other firms in the home improvement sector, Safestyle UK has faced numerous challenges impacting its trading performance. Factors such as high cost inflation, ongoing economic uncertainty, and fragile consumer confidence have all played a role. Additionally, an exceptionally warm September has further dampened customer demand.
The Group has diligently engaged with stakeholders to explore various options aimed at strengthening its balance sheet. These options include seeking a capital injection or new financing, considering the sale of subsidiary shares, and exploring the possibility of selling the business and assets of the subsidiaries.
Regrettably, despite garnering interest from several interested parties, a solvent solution could not be attained. Consequently, the directors made the difficult decision to seek the appointment of administrators.
The company directly employs around 750 individuals. Following the appointment of the joint administrators and the cessation of trading, the majority of the staff have been made redundant. However, approximately 70 staff members have been retained by the administrators temporarily to facilitate an orderly wind-down of the business.
Rick Harrison, the Managing Director at Interpath Advisory, emphasized the challenging circumstances currently faced by companies in the home improvement market. Despite Safestyle’s strong sales during the COVID lockdown periods, the cost-of-living crisis and escalating costs have significantly impacted trading outcomes.
Unfortunately, Safestyle was unable to overcome these challenges, despite the tireless efforts of its management team in recent months. The repercussions of this decision will be particularly devastating for the company’s employees, as well as the self-employed contractors who worked on behalf of the company.
Our immediate priority is to provide support to those affected by redundancy, assisting them in making relevant claims to the Redundancy Payments Service.