Hatton Garden safe deposit company in £10M jewel theft goes into liquidation

The Hatton Garden Safe Deposit company blamed the situation on its damaged reputation following the theft last Easter.

“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.

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 50cm square into the vault wall, before ransacking 73 safety deposit boxes.

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 September 4 to enter pleas ahead of a trial scheduled for November, the BBC has reported