Fife firm cash crisis
Havelock Europa in administration ‘within days’
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.