Havelock Europa secures additional funding for new operational plan

Shop and office fitter Havelock Europa has secured additional funding to help deliver a new operational plan.

The Fife-based company, which employs 330 workers, announced an extension of existing debt facilities of £5 million for a committed term of two years and additional debt financing of £3 million over six years.

Chief executive Shaun Ormrod said: "2017 was a difficult year for Havelock but we have begun 2018 with the business fully aligned behind the new plan we set out on 31 October 2017.

"With a renewed commercial focus and with the backing of our funders, I am confident that the business can return to a position of market leadership in the medium term."

A spokesman for the GMB union said: "GMB Scotland is delighted that a lifeline has been secured that gives the plant in Kirkcaldy a fighting chance for the future.

"We know the new senior management team have been talking to banks and government to secure the future of the business and our union has been doing what we could to help in the process in order to protect our members' jobs.

"We recognise that the Scottish Government has done their bit to help secure desperately needed skilled manufacturing jobs in this area of Fife."