Fife-based educational and retail interiors specialist Havelock Europa is selling its 49% interest in a Middle East joint venture.
Phaedra Holdings, a British Virgin Islands-incorporated company, is paying £2.9m for the stake in the Havelock AHI WLL retail and hotel interiors business established in Bahrain four years ago. The disposal will result in a non-taxable profit of approximately £900,000.
Part of the proceeds will be invested in a 17% interest in Phaedra, giving Havelock Europa “continued exposure to the busy retail and hotels interiors markets of the Gulf, but on a lower risk basis”.
