Loss expected for year
Havelock secures funding for recovery plan
Shaun Ormrod: confident of a return to market leadership
Shop and office fitter Havelock Europa has secured additional funding to help deliver a revised strategy.
The Fife-based company has reached agreement in principle on a package of proposals including a two-year extension of existing senior debt facilities of £5 million and additional subordinated debt financing of £3m over six years. It has also renegotiated its contributions to the pension scheme.
The deal will see £500,000 shaved off profits for the next two years,
In an update on trading for the year ended in December company said performance in the second half of 2017 “represented a substantial improvement” over the first half, but is expected to have been loss-making during the period.
Shaun Ormrod, who was brought in as chief executive in September, said: “2017 was a difficult year for Havelock but we have begun 2018 with the business fully aligned behind the new plan we set out on 31 October 2017.
“With a renewed commercial focus and with the backing of our funders, I am confident that the business can return to a position of market leadership in the medium term.”