Mon, 02 Jul 2018 | ADMINISTRATION
Fife-based furniture manufacturer Havelock Europa has suspended the buying and selling of its shares, and is set to appoint administrators in the next 10 business days.
The company cited mounting pressures in the retail sector as the reason for its declining sales, and thus the reason for its precarious financial situation.
With headquarters in Kirkcaldy, Havelock Europa creates and fits furniture for a number of high street stores and public buildings. Previous clients have included Holland and Barrett, Primark and House of Fraser.
Its directors have stated that unless the company’s financial situation changes, the board will be forced to assign administrators in the next 10 business days.
In a statement released by Havelock Europa, it was said that: “The directors remain in discussion with potentially interested parties with a view to protecting the position of creditors.”
Havelock Europa benefitted from a £8 million loan in March, and received £3 million funding package from the Scottish Enterprise, and the rest from the Bank of Scotland. Despite this, its finances seem to have soured.
Alan Ritchie, organiser at trade union GMB Scotland, claimed: “The financial challenges facing the business have been significant, there’s no doubt about that, but we don’t believe they are insurmountable.
“We are convinced the foundations of this business are good and would provide new ownership with every chance to revitalise and grow a world-class manufacturing base here in Kirkcaldy.”
An opportunity exists to purchase the business and assets of a Waste Metal Refining Business operating in the north of England. The business has an established heritage and provides recovery, refining and disposal of waste materials which hold preci...
This business was founded in 1965 and has built up a wealth of reputation across a large and loyal customer base, serving customer here in the UK and internationally.
Offering one-stop design-to-installation and maintenance service of creative high impact signage for all applications.
28
|
Mar
|
NI pharmacy group acquires third site | BUSINESS SALE
A family-run community pharmacy group has expanded with the ...
28
|
Mar
|
Vehicle upcycling group falls into administration | ADMINISTRATION
Lunaz Group Limited, a vehicle electrification and upcycling...
28
|
Mar
|
Food service business acquired at more than 10x profits | BUSINESS SALE
Total Foodservice, a wholesale catering supplies business, h...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.