National Timber Group England filed a notice of intention to appoint administrators on 13 November. Its parent company, National Timber Group Midco Ltd, has also filed a notice of intention to appoint administrators.
National Timber Group England operates a range of brands within the timber industry including Arnold Laver and National Timber Systems.
Filing this notice means that the group has temporary protection from creditor action while restructuring and rescue options can be considered.
In a statement, Mark Dixon, Chief Executive of the National Timber Group, said: “Like many other businesses in the sector, National Timber Group has been experiencing difficult trading conditions and liquidity challenges for some time.
“National Timber Group is now in advanced discussions with an interested party regarding the sale of a substantial part of the business, and also with other potential funding partners. To provide a period of stability during this process, notices of intention to appoint administrators have been filed in respect of each entity within the group.
“This measure allows the group time to continue discussions with the interested party and to explore any other options that may be in the best interests of the business and its stakeholders. It is important to note that the group is not in administration at this time. Further updates will be provided as we progress through this period, with additional developments shared when possible.”
Commenting on the situation, David Hopkins, Chief Executive of Timber Development UK said: “Market conditions are utterly brutal right now for all of our members, large and small alike. Our thoughts are with the staff and teams across the National Timber Group. There is a rich history and legacy within all of the brands which make up NTG and we hope that as much of this as possible can be saved regardless of the eventual outcome.”
