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.”
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