More than 550 people lose jobs as administrator tries to find buyer for stricken business
National Timber Group, whose brands include Arnold Laver and Thornbridge Timber, has gone into administration with the loss of more than 550 jobs.
In all, 561 jobs have gone and 13 branches closed with the remainder of the firm, which in total employs 1,150 people across 47 sites in England and Scotland, put up for sale.
Administrator Alvarez & Marsal was appointed yesterday which, according to partner Michael Magnay, followed a “difficult trading period” for the business which can trace its roots back more than 100 years.
He added: “Regrettably, the company’s liquidity challenges have led to a number of immediate redundancies. As 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.”
According to its website, Natioanl Timber Group had 150 suppliers and 25,000 customers.
In its last set of accounts filed at Companies House in January this year, the firm posted a turnover of £300m in 2023 – down from £348m in 2022 – and racked up a pre-tax loss of £22m from a £2m profit last time.
In a note accompanying the accounts, the firm said: “2023 proved to be an extremely challenging operating environment across our markets. The continued macroeconomic uncertainty and higher interest rate environment resulted in a significant reduction in demand. These impacts were particularly seen in the residential and RMI end markets, which contribute c.78% of Group revenue.”
The firm’s origins date back to 1920 when Arnold Laver, which was the main sponsor of Sheffield United for 10 years until 1995, was set up.
It was bought by British private equity firm Cairngorm Capital in 2018, along with several other brands, to create The National Timber Group.
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