Administrators appointed at hardware specialist

Grant Prior 10 years ago
Share

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.”

Latest news

Pagabo names £1.6bn civils framework winners

Forty eight firms secure spots on new civils and infrastructure framework
8 hours ago

£1.25bn Stonehenge tunnel job winner revealed

Spanish, Italian, and Austrian JV scoops A303 Amesbury to Berwick Down scheme
1 day ago

Altrad swoops for Doosan Babcock

Over 4,000 staff will transfer to the fast-expanding industrial services group
8 hours ago

Suspended jail sentences after fatal roof fall

Court sentences two men after hearing of safety failures on over-cladding job
8 hours ago

McAleer & Rushe on track for record £425m revenue

Revenue and profit return to pre-pandemic level as focus grows on high-rise flats
21 hours ago

Domis on the hunt for subcontractors and suppliers across Cornwall

Contractor hosting meet the buyer event to set-up local supply chain for string of major projects
17 hours ago

Lendlease £140m hospital claim to hit High Court

Cramlington hospital trust claims for new temporary building while remediation works carried out
1 day ago

Balfour bags £50m Piccadilly Line upgrade

First award under latest London Underground High Voltage Power framework
1 day ago

Cash runs out on HS2 old Curzon Street station refurb

Laing O'Rourke/Murphy JV halts work on historic station renovation
1 day ago

MPs call for cut in building demolitions to save carbon

Watchdog MPs set out urgent plan to prioritise retrofit and reuse of buildings over new build
1 day ago

Structure Tone stems losses as order book grows

Fit out specialist racks-up £4m loss but is confident of turnaround this year after restructuring
1 day ago

Construction leaders launch inflation busting taskforce

All sides of industry urged to work together rather than row over price hikes
2 days ago

HG Construction names next chief executive

Adam Quinn, son of one of the MBO founders, to take the reins in July
1 day ago

Lendlease Stratford IQL blue towers approved

35- and 14-storey hexagonal blocks will provide 350 flats
1 day ago

Track worker killed by train was controller of site safety

Distracted rail worker "lost awareness of his position relative to the line the train approached on"
2 days ago

MechFS went down owing £9.5m to supply chain

Subcontractors left holding millions in worthless invoices
2 days ago

HG Construction profit jumps 50% to £25m

Multi-storey homes and student accommodation jobs drive sales to record £243m
2 days ago

Go-ahead for Newcastle’s largest build to rent project

Work to start on 14-storey flats complex in the autumn
2 days ago

Contractors wanted for £288m Northumbrian Water frameworks

Ten lots up for grabs under latest major civils deal
2 days ago

Plans in for 142-room Exeter net zero hotel

RED Construction to build first of hotel developer's planned chain of net zero hotels
2 days ago

Rail workers vote to strike over maintenance job cuts fears

Network could grind to a halt next month
2 days ago

Race for £100m Immingham ferry terminal job

AB Ports aims to start work in mid 2023
3 days ago

Sisk wins Stockport £60m Weir Mill restoration

Work to start next month on 250 flats scheme
3 days ago

Developer swoops for 1,000-flats landmark Leeds site

Revised plans to be submitted by the end of the year for start soon after
4 days ago

Dominvs seals £173m funding for 713-bed student job

HG Construction to start major Hammersmith student complex in November
4 days ago

Briefings start for £1bn Midland Mainline Electrification plan

Market engagement starts for next seven sections covering 139km route to Sheffield
3 days ago

Forterra pushes back £27m factory refurb plan

Supply chain shortages hit project as brick prices rose another 12% last month
3 days ago

Speedy Hire results slowed down by KPMG

Hire giant left "frustrated and disappointed" by delay request from auditor
3 days ago

London office starts set to surge over next 6 months

Deloitte Crane Survey predicts jump in starts in Capital despite high building costs
4 days ago

Fit-out firm BW Workplace slips into the red

£5.2m backdated R&D tax credit deal lifts after tax performance
4 days ago

Contractor services