Toby Underwood and Graham Frost of PwC were appointed joint administrators of the Kirkcaldy-based firm today and immediately agreed the sale of the business and assets of the company to Havelock International Limited, a newco established by Rcapital.

Havelock Europa, which makes furniture and fittings for shops and public buildings, last week announced its intention to appoint administrators citing continuing pressures on the high street.

Shares had earlier been suspended as the business sought urgent funding to avoid collapse.

It is understood that all employees have now been transferred to the new company.

Mark Addley, restructuring partner for PwC in Scotland, said: “We are delighted to have secured a future for the business and employees of Havelock. 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 chief executive, Shaun Ormrod, added: “It has been a very difficult period for employees, customers and our supply chain. However the PwC team have worked tirelessly to secure this sale which provides an opportunity for Rcapital to support the management team to implement its turnaround plan. With the ongoing support of our workforce, customers and suppliers I am looking forward to Havelock becoming a profitable, secure business with long term growth prospects.”