Workers at a Cadishead timber depot are waiting to hear their fate after their parent company went into administration, shedding more than 500 jobs.
Administrators immediately axed 561 jobs across the National Timber Group (NTG) but is still looking for a potential buyer which could keep the Arnold Laver depot in Cadishead in business.
Thirteen sites across the nationwise company were closed with immediate effect last week.
The Cadishead branch, which serves customers across Salford and Greater Manchester, remained open today.
The administrators, professional services firm Alvarez & Marsal, have not said whether the site will be part of the group’s long-term plans.
The administrators have launched an accelerated sale process for the business and its assets, inviting interested parties to come forward.
Michael Magnay, one of the joint administrators, said there was “encouraging” interest inthe UK’s leading timber supplier to joiners, housebuilders and contractors from potential buyers.
He said the administrators were hopeful of finding a buyer for all or parts of the business.
NTG previously employed around 1,150 people across 47 sites in England and Scotland. Its brands include Arnold Laver, National Timber Systems, SV Timber and NORclad.
Map: National Timber Group, Edited: Noah Buckingham Reed
The group, headquartered in Sheffield, was formed through the consolidation of several long-established timber firms but has recently faced what administrators described as a difficult trading period and significant liquidity challenges.
Magnay added: “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.”
National Timber Group had reported a £6.3 million loss in its most recent published accounts for the year ending December 2023.
Featured image: Google Earth
Recent Comments