Hundreds of jobs lost as home improvement firm slumps into administration
Hundreds of people have lost their jobs after home improvement firm Kairos slumped into administration.
Kairos, which owns a number of brands including Weatherseal, Zenith, St Andrews Glass, Penicuik, St Helen’s Glass, has been struggling for a number of months.
The administrators have blamed a slump in the UK construction industry triggered by Brexit for the collapse of the Cheshire business.
Kairos, which had its head office in Winsford, was one of the UK’s largest privately owned home improvement firms.
Around 150 head office staff have lost their jobs along with hundreds more self-employed sub-contractors.
Stephen Clancy and Sarah Bell of Duff & Phelps were appointed Joint Administrators to Kairos Group on October 28th.
The group included Install Base Investments Limited, Kairos Group Limited, Clearwin Limited and Install Base Limited.
Stephen Clancy and Sarah Bell, were also appointed Joint Administrators to another Group company, Opensky Ventures Limited, earlier this month.
Stephen Clancy said: “Over the past few months we have been working closely with the directors to undertake an operational review of the Group and to sell the business as a going concern.
“There is no doubt that we are seeing a rapid deterioration in the home improvements sector. UK construction activity has slumped amid Brexit uncertainty with businesses and consumers hesitant to commit to new projects.
“The group closed on 17 October 2019 impacting circa 150 head office jobs, as well as customers and subcontracted self-employed installers.
“We are now working quickly to provide assistance on any employees claims or other refund queries.
“The Joint Administrators have been successful in achieving a sale of the business and certain assets of the group which completed on 28 October 2019.”
Adrian Kirk, director of Kairos Group Limited, said last week: “We were hoping to continue longer with a sales process of the business we were undertaking but unfortunately we have to close prematurely.
“The reason for this is that our retail finance facility bank has taken the decision to withhold over £300,000 of monies for jobs we have fitted over the last two weeks.
“This money was earmarked for customer deposits, employees and self-employed subcontractors and the ability to finish all outstanding installations.
“The directors are devastated by this decision and has left us no option but to close. We would like to take this opportunity to thank all of our employees and self-employed subcontractors for their hard work and loyalty and wish them every success in the future.”
The company previously known as Entu was saved from administration in recent years by entrepreneur Brian Kennedy, who owned Sale Sharks Rugby Club.
He sold the business in 2016.
