Administrators appointed at hardware specialist

Grant Prior 12 years ago
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Door and window specialist Avocet Hardware was placed into administration today.

Administrators from restructuring specialist Duff & Phelps are now looking for a buyer to keep the company trading and save 150 jobs.

The company ran into financial trouble following losses at its Chinese factory and a major client going bust.

Avocet was established in 1978 and operates through three UK divisions: Builders Hardware, a Door & Window Hardware division and a High Security Lock division.

The company operates out of a freehold property in Brighouse in West Yorkshire, which comprises of a 90,000 square foot warehouse, a 33,000 square five story mill and an 11,000 square foot reception/showroom.

Avocet was purchased by the current management team in a private equity backed management buyout in November 2007.

Joint administrator Andrew Stoneman said: “The UK hardware and fixing market is estimated to be worth some £220m per annum.

“In December 2011, the Company sold its loss making Chinese factory, which manufactured product for the Door & Window hardware division.

“The financial performance of the Company in recent years has been adversely impacted by losses from the Chinese operation and by the insolvency of a major customer.

“Discussions are on going with a number of different parties who wish to acquire all or parts of the business.

“This is a fantastic opportunity and anyone who is interested in the business should contact us immediately for further information.

“We are actively trying to identify a buyer and to rescue the jobs of the employees.”

Ian Jones, Director, Avocet, added: “This has been a tough trading period as we have experienced a major contraction in the UK DIY market compounded by the insolvency of one of our largest clients.

“We are hopeful a buyer will be sought and we are working closely with Duff & Phelps to ensure we reach a satisfactory outcome for all concerned.”

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