BRIGHOUSE: Andrew Stoneman and Benjamin Wiles, both of Duff & Phelps, have announced the successful sale of Avocet Hardware Limited.
The company was established in 1978 and operates through three UK divisions: Builders Hardware, the UK’s leading supplier of 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 Hardware 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, one of the UK's leading suppliers of chain, rope, hardware and accessories, in 2006. It is the groups fourth acquisition in the UK in six years. All the businesses have been successfully turned around and are running profitably. The management is confident that with the turn around strategies in place service levels will be back to normal soon.
Mr Stoneman stated: “We are delighted with the outcome of this administration. Not only was Avocet sold as a going concern but we managed to secure the jobs of 108 employees.”
“Over the past month we have had a number of detailed discussions with a number of different parties who wished to acquire all or parts of the business. This is a fantastic result for all concerned.”