Kairos group confirms closure
Brian Kennedy’s £75million-sales Kairos Group, with brands including Zenith, Weatherseal, St Helens Glass, St Andrews Glass and Penicuik Home Improvements, has this week broken its silence with a statement confirming earlier reports that it is closing and an administrator is expected to be appointed in the next few days.
Companies House also reports that as of yesterday, the Indigo Products fabricating subsidiary was also in the process of appointing an administrator. Another business Install Base t/a Job Worth Doing is the sole installer for the retail brands. Its phone number is today redirecting calls to the Kairos recording that the offices are closed.
Director Adrian Kirk this week issued a statement saying Kairos was unable to sell the business and had to close prematurely, blaming the bank’s decision to withhold £300,000 for installs recently fitted.
He continued: “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 Kairos Group last year recorded sales of £75.8million with an operating loss of £475K. Indigo Products made £4.4m operating profit on £18.5m sales. Install Base turned over £44m with an operating profit of £486K.