Updated: 5th February 2020
Published: 2nd September 2015
The Hatton Garden Safe Deposit Box Company based in central London has been entered into liquidation after becoming insolvent over the course of the past several months.
Hatton Garden was the victim of a high profile robbery in early April, with thieves successfully stealing around £10 million worth of jewellery from the company’s safe deposit boxes.
The incident reportedly led to a sharp downturn in trade for the safe deposit box business and its owners were soon left at the helm of a company that could no longer continue trading.
“Following the robbery, trade dried up and they applied for company voluntary liquidation,” administrators have said.
“The company is insolvent and it can no longer carry on trading. We are now taking steps to close the company down.”
According to administrators the decision to enter the company in liquidation voluntarily was taken in order to preserve its assets and to safeguard the deposit boxes it still remains in possession of.
Hatton Garden Safe Deposit is owned by the Sudan-based businessman Mahendra Bavishi and his son.
The incident which apparently prompted a sharp downturn in the company’s fortunes saw a gang of thieves drill a large hole in a wall and enter a vault holding dozens of safe deposit boxes before escaping undetected.
Since the incident in April, a total of 13 people, all from the south-east of England, have been arrested and are facing charges in relation to the matter. Some are accused of taking part in the robbery while others are charged with conspiring to conceal, disguise, convert or transfer stolen property.
The Hatton Garden Safe Deposit Company takes its name from the street in London where its business has been based, which is among the best known jewellery and diamond-selling districts in the world.
The company was entered into a creditors’ voluntary liquidation on August 24th. A total of 73 of its safe deposit boxes were looted during the robbery which became one of the most high profile criminal acts of recent years when it was discovered to have taken place on April 2nd. With 78 offices stretching from Inverness down to Exeter, Real Business Rescue can offer unparalleled director advice across the UK.