More than 100 jobs at Avocet Hardware have been saved after it was sold by administrators on Friday.
The Yorkshire-based firm, which had 150 staff and was owned by directors after a private equity-backed management buyout in November 2007, was placed into administration on 23 January.
But all three of its divisions have now been sold by administrators as a going concern to L Fibrelok and RTMV Jain, both operating companies of the Atlantic Group. Unfortunately 42 jobs were lost.
It is Atlantic’s fourth acquisition in the UK in six years, having also taken over Eliza Tinsley, one of the UK’s leading suppliers of chain, rope, hardware and accessories, in 2006.
Joint administrators Andrew Stoneman and Ben Wiles, from advisory firm Duff & Phelps, announced the sale today.
Mr Stoneman said: “We are delighted with the outcome of this administration.
“Not only was Avocet sold as a going concern but we managed to secure the jobs of 108 employees.
“Over the past month we have had a number of detailed discussions with a number of different parties who wished to acquire all or parts of the business. This is a fantastic result for all concerned.”
The administrators said all the businesses have been successfully turned around and are running profitably.
Avocet was established in 1978 and operates through three UK divisions: Builders Hardware, which supplies fixings, fasteners and general ironmongery to the UK DIY retail sector; a door and window hardware division; and a high security lock division.