Hatton Garden Safe Deposit company goes into liquidation after £10m jewellery robbery

The company’s reputation suffered from the robbery and the bad publicity

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The Independent Online

The Hatton Garden Safe Deposit company that was robbed in a £10 million heist in London’s most exclusive jewellery district last Easter has gone into liquidation as a result of damaged reputation due to the theft.

"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,” Sunney Sagoo, the liquidator, told The Telegraph.

The company, owned by Sudanese father and son Mahendra and Manish Bavish, is understood to have been owed a large amount of money from deposit box holders who had fallen behind with their payments, while other customers had taken their business elsewhere.

Jewels worth tens of millions of pounds were stolen during a raid at Hatton Garden over the Easter weekend in April, which saw thieves drilling a hole into the vault of 20in (51cm) deep, 10in (25cm) high and 18in (46cm) into the vault wall, before ransacking 73 safety deposit boxes.

 

Scotland Yard has, at that time, apologised after it was criticised for not following procedures when they were alerted about an intruder alarm at the building by a security firm on Good Friday.

Nine men charged with conspiracy to burgle and conspiring to conceal or transfer the jewellery are due to appear at the Westminster Magistrates' Court  on the 4th of September to enter pleas ahead of a trial scheduled for November, the BBC reports.

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