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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