Firm bidding to safeguard jobs
A HARDWARE firm which has been based in Brookfoot, Brighouse, for over 30 years has been put into administration.
Avocet Hardware Ltd, a leading designer, manufacturer and distributor of locks, handles and other hardware for windows and doors, is now seeking a buyer to safeguard 150 jobs.
Joint administrators Andrew Stoneman and Ben Wiles, both of Global Restructuring Advisory practice at financial advisory and investment firm Duff and Phelps, are hopeful that a deal can be made and the business will be trading as normal.
Mr Stoneman, said: “In December 2011, the company sold its loss making Chinese factory, which manufactured product for the door and 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,” he said.
“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.”
In 2007, Avocet was taken over by a management team led by finance director Ian Jones and sales and marketing director Market Tuck.
Director Mr Jones said: “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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