More than 300 jobs saved in buyout of Fife shopfitters

A Fife shopfitting and manufacturing firm has been bought out of administration, saving more than 300 jobs.

Private investment firm Rcapital has reached a deal with administrators PwC, which will create a new company renaming Havelock Europa as Havelock International.

The management team at Havelock, headquartered in Kirkcaldy where the majority of the 320 staff are based, will now work with Rcapital to restructure and seek investment in the business.

Havelock announced plans to appoint adminstrators last week, having suspended trading on its shares the previous week.

Mark Addley, restructuring partner for PwC in Scotland, said: "We are delighted to have secured a future for the business and employees of Havelock.

"2017 was a very difficult trading year for the business and a combination of the associated losses and tightening credit in recent weeks rapidly led to a liquidity crunch.

"It has proved very difficult to secure a sale against such a backdrop, so to have managed to complete a transaction and preserve the employment of over 300 staff in an area where there are very few substantial employers is particularly pleasing.''

Havelock has fitted interiors at several large high-street chains including John Lewis, Primark and Lloyds Bank.

Shaun Ormrod, chief executive of Havelock, said: "We have been exploring a range of long-term funding options for the business over the past few months to ensure that we are financially strong for the future.

"The team at Rcapital have the expertise to help us take the business forward, driving performance and delivering results.

"I want to thank our employees, customers suppliers and stakeholders for their ongoing support during this time."