Administrators have announced the successful sale of door and window hardware manufacturer Avocet to the Atlantic Group for an undisclosed sum, saving 108 jobs.
The Brighouse-based company, which also operates a builders hardware division – a leading supplier of fixings, fasteners and ironmongery for the UK DIY sector, as well as a high security lock division – went into administration in January as a result of losses from its Chinese operation and the loss of Focus DIY as a major customer.
Joint administrators Andrew Stoneman and Benjamin Wiles of Duff & Phelps, said Avocet was sold as a going concern to L Fibrelok Ltd and RTMV Jain Ltd, both operating companies of the Atlantic Group.
Atlantic acquired Eliza Tinsley Ltd, one of the UK’s leading suppliers of chain, rope, hardware and accessories, in 2006.
Avocet represents Atlantic’s fourth acquisition in the UK in six years.
“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,” said Mr Stoneman. “This is a fantastic result for all concerned.”
“The acquisition by the Atlantic Group is positive news and will ensure that the Avocet business can move forward with confidence. I’ve been hugely impressed with the loyalty shown across the customer base and the dedication of the team here in Brighouse during these recent challenging times,” said Avocet Hardware chief executive Ian Jones.
