REG - Safestyle UK PLC - Key Supplier Update

Safestyle UKAnnouncement

11/09/2020 07:00

RNS Number : 6806Y
  
Safestyle UK PLC
  
11 September 2020
  
 

11 September 2020
Safestyle UK plc
("Safestyle" or the "Group")
Key Supplier Update
Safestyle UK plc (AIM: SFE), the leading retailer and manufacturer of PVCu replacement windows and doors to the UK homeowner market, today issues an update following an announcement made by UK Window Group of which the Group's PVCu profile supplier Duraflex is a part.
UK Window Group yesterday announced that certain assets of the Company, including all assets utilised by Duraflex, have been sold to a subsidiary of its current owners.  This is part of a wider strategic restructuring programme that it believes will secure the long-term future of the Company with a much improved financial position.
Safestyle has been working closely with the board of UK Window Group and its owners over the last nine months as they have been implementing a turnaround plan for their business.  During this process we have put in place a range of risk mitigation measures, including building significant buffer stocks of window profiles.  This ensures the Group has sufficient stock in place to largely mitigate the impact of a forced change in profile supplier.   
Following this restructure by UK Window Group, the Board does not anticipate any major interruption to our supply of PVCu profiles.  Supply chains generally remain stretched by recent good levels of demand in the industry but these challenges will be manageable over the coming months.
The Board will provide an update on the Group's recent trading as part of our half year results announcement on 17 September 2020.
Enquiries:



Safestyle UK plc
Mike Gallacher, Chief Executive Officer
Rob Neale, Chief Financial Officer
 


via FTI Consulting




Zeus Capital (Nominated Adviser & Joint Broker)
Dan Bate / Daniel Harris / Dominic King
 


Tel: 0203 829 5000




Liberum Capital Limited (Joint Broker)
Neil Patel / Jamie Richards
 


Tel: 0203 100 2100




FTI Consulting (Financial PR)
Alex Beagley / James Styles / Sam Macpherson
 


Tel: 0203 727 1000



About Safestyle UK plc
The Group is the leading retailer and manufacturer of PVCu replacement windows and doors to the UK homeowner market.  For more information please visit www.safestyleukplc.co.uk or www.safestyle-windows.co.uk.

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