REG - Safestyle UK PLC - Notice of Intention to Appoint Administrators

Safestyle UKAnnouncement

27/10/2023 18:30

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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announcement, have withdrawn their respective interests.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                             via FTI Consulting

 Rob Neale, Chief Executive Officer

 Phil Joyner, Chief Financial Officer

 Zeus (Nominated Adviser & Joint Broker)      Tel: 0203 829 5000

 Dan Bate / James Edis (Investment Banking)

 Dominic King (Corporate Broking)

 Liberum Capital Limited (Joint Broker)       Tel: 0203 100 2100

 Jamie Richards / William King

 FTI Consulting (Financial PR)                Tel: 0203 727 1000

 Alex Beagley / Sam Macpherson / Amy Goldup

 

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