300-plus jobs saved as Havelock Europa is sold by administrators

More than 300 jobs have been saved at a Fife shopfitting and manufacturing firm after it was bought out of administration.

Havelock Europa based in Kirkcaldy has been saved under the deal.

PWC administrators struck an agreeement deal with private investment firm Rcapital, which set up a new company renaming Havelock Europa as Havelock International.

The management team at Havelock will now work with Rcapital to restructure and seek investment in the business. 0 Havelock Europa will seek investment and restructure

Most of the firm’s 320 staff are based at the Kirkcaldy headquarters. 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: “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 and Primark.