SFE.L

Safestyle UK Plc
Safestyle UK PLC - Notice of Intention to Appoint Administrators
27th October 2023, 17:26
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RNS Number : 6139R
Safestyle UK PLC
27 October 2023
 

27 October 2023

 

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018.  Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

 

Safestyle UK plc

("Safestyle" or the "Company" and together with its subsidiaries, the "Group")

 

Notice of Intention to Appoint Administrators

 

Safestyle UK plc (AIM: SFE.) announces that following its announcement of 26 October 2023 (the "26 October Announcement"), the interested parties that were, at that time, involved in the Proposed Sale process as defined in that announcement, have withdrawn their respective interests. 

 

Therefore, the Board of the main trading subsidiary of the Group, H.P.A.S. Limited ("HPAS") and other intermediate holding companies in the Group, namely Style Group Holdings Limited and Style Group UK Limited, has concluded that they are no longer able to continue trading 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.

 

Unless financial circumstances change, and in accordance with statutory requirements, the board of these three companies intends to appoint administrators within 10 business days.

 

Further announcements will be made as and when appropriate.

 

For further information:

 

Safestyle UK plc

Rob Neale, Chief Executive Officer

Phil Joyner, Chief Financial Officer

 

via FTI Consulting

Zeus (Nominated Adviser & Joint Broker)

Dan Bate / James Edis (Investment Banking)

Dominic King (Corporate Broking)

 

Tel: 0203 829 5000

Liberum Capital Limited (Joint Broker)

Jamie Richards / William King

 

Tel: 0203 100 2100

FTI Consulting (Financial PR)

Alex Beagley / Sam Macpherson / Amy Goldup

 

Tel: 0203 727 1000

 

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