Chris Pole and Howard Smith from Interpath Advisory were appointed Joint Administrators of Orvec International Limited on 7 September 2021.
Based in Hull, the Company was a designer, supplier and manufacturer of woven and non-woven products to the aviation and healthcare sectors, with customers including a number of major global airline operators.
The Company had been severely impacted by the downturn in the aviation industry during the pandemic and, whilst a restructuring of the business was undertaken by the management team, the low level of future order book and a no real upturn in sight in the aviation market meant that the business was no longer viable as presently structured.
Immediately following their appointment, the Joint Administrators sold the business and a number of its assets to John Horsfall & Sons, the West Yorkshire-based supplier of textiles and linens to the airline industry.
The Administrators will now look to realise the remaining assets of the Company, including a freehold property.
Chris Pole, Managing Director at Interpath Advisory and Joint Administrator, said: “Over 40 years, Orvec built a reputation for designing, manufacturing and supplying quality bespoke textiles to airlines and other industries. We’re pleased to have been able to secure this sale of the business to John Horsfall & Sons, whose textile products are also well renowned across the aviation industry. We wish them well with their future endeavours.”