One of the UK’s independent timber supplier’s has entered administration, with administrators expressing optimism about finding a buyer for the business.
National Timber Group England Ltd, along with its parent company, National Timber Group Midco Ltd, both filed a notice of intention at the end of November.
As of the start of December the company has shut 13 of its 47 sites across England and Scotland. The sites in England are in Bradford, Cheltenham, Rainham, Peterborough, Stoke, Alfreton and Northallerton.
561 of the company’s employees were made redundant shortly after Michael Magnay, Gemma Quinn and Jonathan Marston of Alvarez and Marsal Europe LLP were appointed as joint administrators.
George Palmer-Soady of Nottinghamshire Live reported that the administrators said they were hopeful a buyer would find for all or part of the business.
Mr Magnay said: “National Timber Group is the UK’s leading timber supplier to joiners, housebuilders and contractors, operating under a number of widely recognised brands.
“As joint administrators, we have launched an accelerated sale process, and we encourage any interested parties to contact us as soon as possible. We are encouraged by the level of interest so far and we are hopeful of finding a buyer for all or parts of the group.”
“Regrettably, the company’s liquidity challenges have led to a number of immediate redundancies,” Mr Magnay added.
“We are committed to supporting the affected employees through the redundancy process. We appreciate the support and patience of the highly skilled workforce in difficult circumstances, particularly at this time of year.”
The company’s latest financial accounts, which cover 2023, showed revenue had increased to £196.5m, compared to £189.3m the year before
However, losses after tax had increased significantly to £27.1m from £7.3m. The firm has been trading since 1920.
