Furniture specialist rescues major UK brand from administration
A Mansfield-based contract furniture specialist has rescued a major UK furniture and fit-out brand from administration.
Deanestor has swooped for the Fife-based Havelock business for an undisclosed sum.
Havelock was a market leader in the manufacture and installation of furniture for the education, healthcare, hospitality, retail, banking and student accommodation sectors. It counted Harvey Nichols, John Lewis and Lloyds Banking Group amongst its customers.
Nearly 250 jobs were lost when the company slipped into adminstration earlier this year.
Deanestor has acquired the rights to the Havelock International brand and 13 sub-brands, registered trademarks and product lines including ESA Healthcare and ESA McIntosh. The deal also includes the full catalogue of Havelock, ESA McIntosh and Godfrey Syrett product designs.
No further jobs will be lost as a result of the acquisition.
Richard Tonkinson, executive director of Deanestor, said: “Despite their long trading history and a well-established market position, Havelock and its subsidiaries experienced increasingly difficult trading conditions, largely due to their exposure to the weakening retail and high street banking sectors. This culminated in Havelock International falling into administration earlier this year.
“As one of the UK’s leading fit out specialists in healthcare, education, student accommodation and build-to-rent, Deanestor is well placed to build on Havelock’s long history and market position, and continue to service its client base in these core sectors.
“Deanestor is financially strong, having recently announced a record order intake for the first half of 2019. Last year we completed a £1 million investment programme at our factory in Mansfield which included installation of the latest computer-controlled cutting equipment and a second production line to double capacity of cabinetry. Our team is well resourced to provide the highest quality and service levels in our sector, reinforced by our high levels of repeat business.
“The acquisition of the Havelock brands further strengths our position as one of the largest interior fit-out businesses in the UK and the leading furniture, fittings and equipment supplier to the NHS.”
Havelock Europa Plc was listed on the London Stock Exchange for 31 years from 1987. It recorded a peak turnover of £138 million in 2008. Havelock International was incorporated in 2016, and in 2018 the business of Havelock Europa was sold to Havelock International.
