黑洞社区

Administrators for Safestyle UK have said the windows and doors maker for the homeowner market has made about 680 of its workers redundant after it fell into administration.

Interpath Advisory said about 70 of the company鈥檚 750 employees would be kept on in the short term to help wind down the business.

Workers arrived for a 鈥渃runch meeting鈥� at the Safestyle UK manufacturing site in Wombwell, Barnsley, this afternoon to find the office locked. 

鈥淲orkers were read a statement confirming they had been made redundant with immediate effect. Many of them were visibly upset,鈥� a spokesman from GMB Union told 黑洞社区. 

Rick Harrison, managing director at Interpath Advisory, said: 鈥淭hese are really challenging times for companies across the home improvement market. After seeing strong sales during the covid lockdown periods, many companies are seeing trading being impacted by the cost-of-living crisis and soaring costs.鈥�

The firm suspended its shares on Friday morning with chief executive Rob Neale telling hundreds of workers at its Barnsley site to 鈥渄own tools鈥� in a text message. Half an hour before, the firm admitted that rescue attempts through a sale or new financing had become 鈥渋ncreasingly unlikely鈥�.

One unnamed Safestyle worker told the BBC today: 鈥淲e still had millions of pounds of orders in, we were literally making the products right up until the end. There are orders wrapping up still in the factory ready for installation.鈥�

In its last set of results for the six months to 2 July, the firm, which was set up in 1992, saw pre-tax losses widen to 拢6.7m from 拢2.8m on revenue down to 拢74m from 拢78m.

Revenue in 2022 was up close to 8% to 拢154m but the firm slumped to an 拢8.5m pre-tax loss from a 拢6m profit in 2021. The firm said it had been hit by the 拢4m cost of a cyber attack and 拢5m it ploughed into a strategic investment programme.