Scandalous events at Safestyle UK and a distinct lack of integrity!
We are a little sensitive to cake analogies in the aftermath of the Patisserie Holdings fraud, but Mr Mitu Misra, former owner of Safestyle, the manufacturer of PVCu replacement windows and doors, has demonstrated an uncanny knack of having his cake and eating it. Sadly, this is at the expense of those who backed Safestyle UK since IPO!
Having pocketed a cool £64m on the IPO of Safetstyle in December 2013, when he sold out entirely, Mr Misra reappeared in August 2017 as the architect of a copycat business, NIAMAC Developments Ltd, trading as SafeGlaze UK. SafeGlaze UK claims, for quality uPVC windows, to be able to ‘beat any genuine like for like quote!’ as so delightfully communicated by Eastenders’ actress Pat Butcher. They have certainly beaten Safetsyle into submission! SafeGlaze, or NIAMAC, has even managed to secure FCA authorisation, in quick time. By February 2018, SafeGlaze, seemingly a start-up company with only £100 of issued share capital…