Contract furniture specialist Deanestor, which has operations in Dunfermline, has bought the intangible assets of Fife-based furniture and fit-out brand Havelock for an undisclosed sum.
It comes after Havelock – whose customers included the University of Edinburgh, Harvey Nichols, John Lewis and Lloyds Banking Group – fell into administration in August and was forced to make almost 250 workers redundant after being saved in 2018.
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.
“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.”
As part of the acquisition, 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 all of the Havelock domain names and the full catalogue of Havelock, ESA McIntosh and Godfrey Syrett product designs.