Insurance company Staveley Head Limited is now looking to sell what’s left of the business as it goes into administration and lets go of a majority of its workforce.
“Staveley Head Limited was engaged in a three-year contract with its main insurer, which was prematurely terminated in November 2019 as a result of the insurer’s financial issues,” explained joint administrator Steven Muncaster of Duff & Phelps in a statement, as quoted by a North Wales Live report. “This led to an overnight loss of the majority of Staveley Head Limited’s business.
“Since then the directors of the business have been working with advisors to either secure an alternative insurer or a purchaser. Unfortunately, due to the specialist nature of the business, these outcomes have not been achieved and the company has now entered administration.”
Muncaster said this development, regrettably, has resulted in a majority of Staveley Head’s employees being made redundant. He added that, along with joint administrator Sarah Bell, they are currently working closely with management to seal a deal.
