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Fife firm cash crisis

Havelock Europa in administration ‘within days’

Havelock Europa

Havelock Europa: cash crisis


 

Fife office and shop fitter Havelock Europa is to appoint administrators as it continues to talk with a potential buyer.

The board announced this morning that administrators will be in place within 10 business days, adding that it remains in discussions with potentially interested parties “with a view to protecting the position of creditors.

“There can be no guarantee however that such discussions will conclude satisfactorily.”

Shares in the 320-employee company were suspended on Wednesday after it admitted it was facing a cash crisis.

The talks are understood to involve a turnaround specialist.

Havelock Europa, based in Kirkcaldy, has been pursuing an aggressive strategy to revive the business after suffering a slowdown in orders from key clients and a reduction in spending on school fittings.

See also

Shares suspended amid cash crisis



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