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Havelock seals major Lloyds deal
SHOPFITTING firm Havelock Europa yesterday revealed it had won a major contract with Lloyds Banking Group and was on the verge of signing a deal with high street retailer Boots.
The Fife-based company will carry out a further two years’ worth of work for Lloyds, covering its branches and offices, safeguarding jobs at the firm’s factory in Kirkcaldy.
Chief executive Eric Prescott said Havelock was also continuing to work with Virgin Money, Sir Richard Branson’s bank, which has expanded following the takeover of Northern Rock.
Prescott told The Scotsman: “I’m cautiously upbeat, but its a very challenging market.
“Our international growth is continuing. We are fitting out six more stores for Marks & Spencer in China and have also been carrying out a big contract for a high street retailer in Europe.”
Closer to home, Havelock also fitted out the Primark clothing store at Livingston, which opened before Christmas.
In a brief pre-close update, the firm said it was on course to hit previous expectations for the year to 1 January, with house broker Investec pencilling in underlying full-year profits of £500,000, swinging back from an underlying loss of £600,000 in the previous 12 months.
Prescott said the company was also busy fulfilling the £20 million contract signed in the autumn with construction Balfour Beatty to fit-out 30 schools in the south of England.
He added that he had been in regular contact with private investor Andrew Burgess, who last year built up a 19 per cent stake in Havelock to make him the company’s biggest shareholder.
Burgess has a history of buying stakes in smaller companies that he believes have been undervalued.
Prescott said Burgess “was supportive of the company and its management” but that he had not become involved in the firm’s operations.
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