(Sharecast News) - Window and door manufacturer and retailer Safestyle UK updated the market on Friday, following the sale of UK Window Group, of which its PVCu profile supplier Duraflex is a part.
The AIM-traded firm said certain assets of UK Window Group, including all assets used by Duraflex, had been sold to a subsidiary of its current owners.
It was explained as part of a "wider strategic restructuring programme" that was intended to 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," the board said in its statement.
"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 the restructure by UK Window Group, Safestyle's board said it did not expect any major interruption to its 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."
Safestyle said it would update the market on its recent trading as part of its half-year results on 17 September.
At 0912 BST, shares in Safestyle UK were down 3.02% at 45.82p.
3 Jan 2024 14:55