BusinessCompany NewsDuff & Phelps appointed administrators to Avocet Hardware

Duff & Phelps appointed administrators to Avocet Hardware

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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