Alvarez & Marsal responsible for all entities and launch sale of business and assets.
Leading professional services firm Alvarez & Marsal has today (Wednesday 26 November) been appointed as Joint Administrator of five entities making up National Timber Group.
This follows the notice of intention to appointment administrators filed by the companies on 14 November.
National Timber Group is the UK’s largest independent timber distribution and processing group in the UK, headquartered in Sheffield. 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 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 Administrator is supporting these employees through the redundancy process.
Thirteen 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 Administrator has launched a sale process for the business and assets of National Timber Group and encourage any interested parties to contact it.
Michael Magnay, Joint Administrator, said: “National Timber Group is the UK’s leading timber supplier to joiners, housebuilders and contractors, operating under a number of widely recognised brands.
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.”
