Avocet Hardware falls into administration

Yorkshire-based hardware and fixing supplier Avocet Hardware has gone into administration.

Andrew Stoneman and Ben Wiles, from the global restructuring advisory practice at financial advisory and investment banking firm Duff & Phelps, have been appointed joint administrators of the firm.

Avocet, which employs 150 people, was established in 1978 and operates through three UK divisions: Builders Hardware which supplies 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.

It is owned by the current management team after a private equity-backed management buyout in November 2007.

Andrew Stoneman said: “The UK hardware and fixing market is estimated to be worth some £220m per annum,”

“In December 2011, the company sold its loss making Chinese factory, which manufactured product for the door & window hardware division. 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.

“Discussions are on-going with a number of different parties who wish to acquire all or parts of the business. This is a fantastic opportunity and anyone who is interested in the business should contact us immediately for further information. We are actively trying to identify a buyer and to rescue the jobs of the employees. ”

Ian Jones, director, Avocet, added: “This has been a tough trading period as we have experienced a major contraction in the UK DIY market compounded by the insolvency of one of our largest clients. We are hopeful a buyer will be sought and we are working closely with Duff & Phelps to ensure we reach a satisfactory outcome for all concerned.”