Administrators sell hardware giant Avocet

Grant Prior 12 years ago
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Door and window specialist Avocet Hardware has been sold by its administrators as a going concern saving 108 jobs.

The company was placed in the hands of restructuring specialist Duff & Phelps last month following losses at its Chinese factory and a major client going bust.

It has now been sold to L Fibrelok Ltd and RTMV Jain Ltd, both operating companies of the Atlantic Group which took over Eliza Tinsley Ltd, one of the UK’s leading suppliers of chain, rope, hardware and accessories, in 2006.

The deal is Atlantic’s fourth in six years and all previous turnarounds of struggling companies have been successful.

Andrew Stoneman, Joint Administrator, Duff and Phelps, said: “We are delighted with the outcome of this administration.  Not only was Avocet sold as a going concern but we managed to secure the jobs of 108 employees.

“Over the past month we have had a number of detailed discussions with a number of different parties who wished to acquire all or parts of the business. This is a fantastic result for all concerned.”

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.

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