Safestyle UK, which is based at Style House, 14 Eldon Place, Bradford, announced on the company’s website of its intention to appoint administrators.
The notice, issued by Safestyle just before 6.30pm on Friday, said: “Safestyle UK plc announces that following its announcement of October 26, 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interested parties that were, at that time, involved in the proposed sale process as defined in that announcement, have withdrawn their respective interests.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.”
Earlier on Friday, the Bradford firm also announced it was temporarily suspending the trading of shares on AIM, a sub-market of the London Stock Exchange.
A Safestyle statement said: “At the request of the company, trading on AIM for the under-mentioned securities has been temporarily suspended from 27/10/2023 7:30am, pending clarification of the company’s financial position.”