Member Article

Hatton Garden safe deposit company falls into liquidation

The company targeted in a £10m jewellery heist in London’s Hatton Garden has gone into liquidation

The Hatton Garden Safe Deposit company has said its financial situation came as a result of it damaged reputation following the multimillion pound theft in April.

Owned by Sudanese father and son Mahendra and Manish Bavish, the safety deposit company is understood to have been owed a large amount of money from late payments of deposit box holders.

Over the Easter weekend in April, items worth tens of millions of pounds were stolen from the building after thieves drilling a hole into the vault before accessing 73 safety deposit boxes.

Sunney Sagoo, the liquidator, told The Telegraph: “We are in the process of preserving the company’s assets and securing the premises, and our appointment is due to be ratified at a creditors’ meeting later this week.

“Because of the robbery and the bad publicity surrounding it the company had suffered from a loss of custom.”

This was posted in Bdaily's Members' News section by Ellen Forster .