One of the UK’s best-known furniture and fit out brands has been acquired out of administration by Mansfield-based contract furniture specialists, Deanestor for an undisclosed sum.
The joint administrators of Havelock International Limited confirmed that certain Intellectual Property assets of Havelock International Limited have been acquired by Deanestor, including the brand and domain names. The sale of these assets however does not constitute a sale of the business to Deanestor.
The Fife-based Havelock business became the UK market leader in the manufacture and installation of furniture across a diverse range of sectors including education, healthcare, hospitality, retail, banking and student accommodation. The University of Edinburgh, Faslane Naval College, University College London, Harvey Nichols, John Lewis and Lloyds Banking Group were among its customers.
Havelock Europa Plc was listed on the main London Stock Exchange for 31 years, from 1987 to 2018 with a peak turnover of £138m in 2008. In 2001 Havelock Europa Plc acquired ESA McIntosh Ltd. Havelock International was incorporated in 2016. In 2018 the business of Havelock Europa was sold to Havelock International Ltd.
The deal for the intangible assets of Havelock International Ltd also includes the leading education fit out brand, ESA McIntosh. This company has a history going back to the 1860s when Alexander Henry McIntosh began making elaborate cabinetry using highly skilled craftsmen.
Commenting on the deal, 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 £1m 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. Our team is well resourced to provide the highest quality and service levels in our sector, reinforced by our high levels of repeat business.
“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. The Government has recently announced £14bn of extra funding for schools over the next three years and a £13bn boost to NHS capital spending. This is very positive for our business, the wider construction industry and UK manufacturing.”
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.