Alvarez & Marsal has been appointed as administrators to National Timber Group entities, launching the sale of the business and its assets.
Michael Magnay, Gemma Quinn and Jonathan Marston of leading professional services firm Alvarez & Marsal have been appointed as Joint Administrators of five entities making up National Timber Group. This follows the notice of intention to appointment administrators filed by the companies on 14 November.
Headquartered in Sheffield, National Timber Group is the UK’s largest independent timber distribution and processing group. The Group was created through the acquisitions of brands including Thornbridge, NYTimber, Rembrand Timber and Arnold Laver. It employs 1,150 people across 47 sites in England and Scotland.
The Group has now been placed into administration “following a difficult trading period and resultant liquidity challenges.” Unfortunately, there have been 561 immediate redundancies across sites and central functions, and the Administrators are supporting these employees through the redundancy process.
13 of the Group’s branches have been closed with immediate effect, with the remaining sites continuing to operate. Additionally, some of the Company’s production facilities have been mothballed.
The Administrators have launched a sale process for the business and assets of National Timber Group and encourage any interested parties to contact them.
Michael Magnay, Joint Administrator, said: “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. 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.”
