SafeStyle Closed Bankrupt

Safestyle UK

New Opportunities At BestSwitch Utilities For Redundant SafeStyle Staff Following the Company Collapse into Receivership Oct 30th 2023
Save Money On Home Utility Bills
Redundant Safestyle ex-staff will be feeling the financial pinch more than most in 2023 with the uncertainty of redundancy, pension worries and unemployment.
The family run business at Best-Switch utilities are helping Safestyle staff save money on all of the home bills. Gas, Electricity, Broadband, Mobile Simms, Mobile Phones.
Ex-Safestyle staff can call 01509 435122, or email hello@bestswitch.co.uk for full details and a friendly helpful chat.
Earn - Income Opportunities
Redundant Safestyle ex-staff looking for a fresh opportunities to replace their lost Safestyle pay are being helped by Best Switch the family run business that has vacancies for self motivated people that like working with people.
This could be change that you've been looking for.
Ex-Safestyle Windows and Doors staff can call 01509 435122, or email hello@bestswitch.co.uk for full details and a friendly helpful chat.
Contact Us - Say hello - Let's Chat
Call 01509 435122
email hello@bestswitch.co.uk
BestSwitch Utilities Products and Services

Electricity

Gas

WiFi

Phone

Fibre Broadband

Mobile Sims

Insurance

Mobile Phones

Cashback

Water

Who Are We And What Do We Do?
We Help People Save Money & Simplify Their Lives
We're a small business based in the UK that specialises in helping UK domestic home owners and UK businesses find the best Energy tariffs and save themselves much needed money.
But we do differently and bring the personal touch to the sadly normal, impersonal, faceless, careless energy suppliers in the UK market.
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Give us a call, or pop an email over to say "hello".
The Sad Collapse of Safestyle Windows and Doors



The collapse of SafestyleUK Windows and Doors
Summary:
As of October 30, 2023, Safestyle UK, along with Style Group Holdings Limited and Style Group UK Limited has entered into receivership.
Safestyle UK, based in Bradford, was a prominent UK retailer and manufacturer of PVCu replacement windows and doors for homeowners. The company operated a large manufacturing facility in Wombwell, near Barnsley, and had a presence through 42 sales branches and installation depots across the UK.
Several challenges have impacted the home improvement sector, including high cost inflation, economic uncertainty, and weakened consumer confidence. Unusually warm weather in September further decreased customer demand.
In response to these difficulties, the Group explored various options to strengthen its financial position, such as seeking capital injection, new financing, selling subsidiary shares, or even selling the business and its assets. Unfortunately, despite interest from potential buyers, a viable solution couldn't be reached, leading the directors to appoint administrators.
Regrettably, with trading ceasing upon the appointment of administrators, most of the company's approximately 750 employees have been made redundant. About 70 employees have been retained by the administrators for a short period to assist in winding down the business.
Rick Harrison, Managing Director at Interpath Advisory, commented, "These are challenging times for companies in the home improvement market. Many are grappling with the cost-of-living crisis and rising costs after experiencing strong sales during COVID lockdowns. Unfortunately, Safestyle UK faced insurmountable challenges, which is especially difficult for its employees and self-employed contractors who worked with the company. Our immediate priority is to provide support to those affected by redundancy, including helping them with claims to the Redundancy Payments Service where applicable."
We understand that this is a challenging situation for everyone involved, and we will do our best to provide support and assistance during this difficult time.
News: SafeStyle UK (Windows and Doors) Directors Remuneration Report
As a lay observer; it's interesting to note from the official SafeStyle Directors remuneration report, that 15% increase in base salary to £285,000 from Jan 1st 2023 was awarded to one Director along with a 28% bonus to one Director worth c£79,000, bringing total annual package to c£364,000. Which considering the report also notes a reported company loss of -£4.4million compared to the prior year of a profit £7.6Million.
The report also refers to a sales revenue growth from 2021 and a "improved health of the balance sheet" which some would think this implies that SafeStyle company was in improving.
So, all the more confusing as to why SafeStyle UK Ltd has been closed and put into official receivership?

SafeStyle Directors Remuneration Report 2023