Tue, 24 Jan 2012 | ADMINISTRATION
The window and ironmongery specialist company, Avocet Hardware, has called in administrators in the wake of a major client going bust.
The company, which is headquartered in Brighouse in West Yorkshire, has called in Andrew Stoneman and Ben Wiles from financial advisory firm Duff & Phelps to search for a buyer for the company, which had also suffered losses at its Chinese factory.
Avocet has been operating since 1978 through three main divisions: Builders Hardware, a Door & Window Hardware division and a High Security Lock division. Mr Stoneman said that they were optimistic of finding a buyer for the company, as it has a good position in a vital market.
“The UK hardware and fixing market is estimated to be worth some £220m per annum,” 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.”
Avocet has already offloaded its loss-making Chinese factory, selling it in December 2011, but it had already taken an insurmountable toll on Avocet’s finances.
The company has the freehold of its Brighouse property, which comprises a 90,000 square foot warehouse, a 33,000 square foot five-storey mill and an 11,000 square foot reception and showroom.
Serving blue-chip data management and security technology clients across the globe, this disruptive software development company provides tools and services to assess, repair, and recover, and migrate enterprise backup products.
Operating internationally, the company delivers tailored electrical distribution and control solutions to public and private sector clients across a wide range of industries.
This substantial 43-bedroom urban hotel, situated just 5 miles from Newcastle city centre, offers an exceptional investment opportunity with its prime trading location and extensive public areas, including a popular bar and refurbished function room.
FREEHOLD
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