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Global restructuring advisory practice Duff & Phelp confirmed it had arranged the successful sale of Avocet Hardware Limited.
Avocet was established in 1978 and operates from Brighouse, West Yorkshire, through three UK divisions: builders hardware, supplying fixings, fasteners and general ironmongery to the UK DIY retail sector; a door & window hardware division, manufacturing door and window hardware and a high security lock division, established in 2010 to market an innovative high security door lock.
Avocet underwent a private equity backed management buyout in November 2007. In December 2011, the company sold its loss making Chinese factory, which manufactured product for the door & window hardware division. In January, when the company entered administration, joint administrator, Andrew Stoneman, said:“The financial performance of the company in recent years has been adversely impacted by losses from the Chinese operation and by the insolvency of a major customer.”
Avocet Hardware Limited was sold on 24th February 2012 as a going concern to L Fibrelok Ltd and RTMV Jain Ltd, both operating companies of the Atlantic Group, which took over Eliza Tinsley Ltd, a UK supplier of chain, rope, hardware and accessories, in 2006. Atlantic is headquartered in Mysore, India, where businesses include textile manufacturing, finance and construction. Avocet is the Group’s fourth UK acquisition in six years. All the businesses have reportedly been successfully turned around and are running profitably.
The sale secured the jobs of 108 people at Avocet, from a reported headcount of 150 at the time it entered administration.
