Aviation and healthcare manufacturer sold
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Orvec International has been sold after being severely affected by the downturn in the aviation industry as a result of the pandemic.
The Hull-based business was a designer, supplier and manufacturer of woven and non-woven products to the aviation and healthcare sectors, with customers including a number of major global airline operators.
It appointed Chris Pole and Howard Smith from Interpath Advisory as joint administrators on 7 September when it was clear that despite attempts to restructure the business by the management team, the low level of future orders and lack of upturn from the aviation market made it clear that the business was no longer viable.
Following their appointment, the joint administrators sold the business and a number of its assets to John Horsfall & Sons, the West Yorkshire-based supplier of textiles and linens to the airline industry.
Chris Pole, managing director at Interpath Advisory and joint administrator, said: “Over 40 years, Orvec built a reputation for designing, manufacturing and supplying quality bespoke textiles to airlines and other industries. We’re pleased to have been able to secure this sale of the business to John Horsfall & Sons, whose textile products are also well renowned across the aviation industry. We wish them well with their future endeavours.”
The Administrators are now looking to realise the remaining assets of the company, including a freehold property.