Furniture company prepares to fall into administration

Mon, 02 Jul 2018 | ADMINISTRATION

Fife-based furniture manufacturer Havelock Europa has suspended the buying and selling of its shares, and is set to appoint administrators in the next 10 business days.

The company cited mounting pressures in the retail sector as the reason for its declining sales, and thus the reason for its precarious financial situation.

With headquarters in Kirkcaldy, Havelock Europa creates and fits furniture for a number of high street stores and public buildings. Previous clients have included Holland and Barrett, Primark and House of Fraser.

Its directors have stated that unless the company’s financial situation changes, the board will be forced to assign administrators in the next 10 business days.

In a statement released by Havelock Europa, it was said that: “The directors remain in discussion with potentially interested parties with a view to protecting the position of creditors.”

Havelock Europa benefitted from a £8 million loan in March, and received £3 million funding package from the Scottish Enterprise, and the rest from the Bank of Scotland. Despite this, its finances seem to have soured.

Alan Ritchie, organiser at trade union GMB Scotland, claimed: “The financial challenges facing the business have been significant, there’s no doubt about that, but we don’t believe they are insurmountable.

“We are convinced the foundations of this business are good and would provide new ownership with every chance to revitalise and grow a world-class manufacturing base here in Kirkcaldy.”


Share this article



Latest Businesses for Sale

Temperature-Controlled Van Conversion Specialists
UK Wide

A genuine independent specialist, regulated by the FCA and SAF, the business has negotiated discount terms with a range of leading manufacturers. Our client is also an approved, authorised installer and repairer for high-profile suppliers into the au...

Asking Price: Offers Invited
Turnover: £12,000,000

Specialist Seating Manufacturer
UK Wide

Manufactures a range of specialist seating for those with debilitating conditions, including neurological conditions, along with specialist paediatric care chair manufacturing. Unlimited bespoke manufacturing capabilities. Offers invited.

Asking Price: Offers Invited
Turnover: £941,000

LEASEHOLD


Electronic Cigarettes, Vaporisers & E-Liquids Distributor
UK Wide

Provides own-brand e-liquids as well as manufacturing for other e-liquid suppliers. Additionally, the company retails third-party e-liquids and hardware alongside the sale of raw materials. Main client base are private customers with the company also...

Asking Price: Offers Invited
Turnover: £3,700,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
19
 
Sep
 

Smith & Williamson and Tilney to merge | MERGER

After revealing in August this year that talks were in place...

 
18
 
Sep
 

Infrastructure investment manager takes stake in LJLA | BUSINESS SALE

Infrastructure investment management group, Ancala Partners,...

 
17
 
Sep
 

Impact REIT snaps up Suffolk-based Cardinal Healthcare business | BUSINESS SALE

Impact REIT has successfully acquired Cardinal Healthcare, a...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
12
 
Oct
 

Shopping centre in Northern Ireland for sale at £18m | BUSINESS SALE

Bow Street Mall in Lisburn, one of Northern Ireland's b...

 
11
 
Apr
 

Showcard Print changes hands in an MBO | MBO/MBI

Havelock Europa is to sell Showcard Print in an £15.25...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources