Assets acquired

Deanestor acquires Havelock brands out of administration

Havelock Europa

Havlelock collapsed in August this year

One of Scotland’s best-known furniture and fit out brands, Havelock, has been acquired out of administration for an undisclosed sum by contract furniture specialist Deanestor.

The deal for the intangible assets of Havelock International Ltd also includes the leading education fit out brand, ESA McIntosh. It will not lead to a return of workers to the collapsed Kirkcaldy plant which is now vacant.

One-time UK market leader Havelock Europa was listed on the main London Stock Exchange for 31 years, from 1987 to 2018 with a peak turnover of £138m in 2008.

In August this year it was put into administration for a second time with the loss of 247 jobs. David Baxendale and Zelf Hussain of PwC took control of affairs.

It had been sold through a pre-pack administration process last year to a new firm established by turnaround specialist Rcapital.

Commenting on the latest deal, Richard Tonkinson, executive director at Mansfield-based Deanestor, said, “Despite their long trading history and a well-established market position, Havelock and its subsidiaries experienced increasingly difficult trading conditions, largely due to their exposure to the weakening retail and high street banking sectors. This culminated in Havelock International falling into administration earlier this year.

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