Duff & Phelps appointed administrators to Avocet Hardware
Administrators are continuing to trade the business as buyer sought
Administrators are continuing to trade the business as buyer sought
ANDREW STONEMAN and Ben Wiles from of the global restructuring advisory practice at Duff & Phelps have been appointed joint administrators of Avocet Hardware.
Avocet was purchased by the current management team in a private equity backed management buyout in November 2007.
In December 2011, the company sold its loss making Chinese factory, which manufactured product for the Door & 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,” said Stoneman.
“Discussions are on going with a number of different parties who wish to acquire all or parts of the business. We are actively trying to identify a buyer and to rescue the jobs of the employees.”
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