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.
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