National Timber Group has gone into administration with more than 550 jobs lost, it has been announced.
Alvarez and Marsal was appointed as the Joint Administrator of the National Timber Group on 27 November, after the business announced a notice of intent to file administrators earlier in November, after a challenging trading period. Following the appointment, Gemma Quinn, Jonathan Marston and Michael Magnay were named as joint administrators.
National Timber Group, which was headquartered in Sheffield, incorporated a number of timber brands including Rembrand Timber, Arnold Laver, NYTimber and Thornbridge. Some sites are continuing to operate, though others have been closed with immediate effect. Reports suggest more than 550 redundancies have been made across the group. The administrators have now launched a sale process for the National Timber Group’s business and assets.
Michael Magnay said: “National Timber Group is the UK’s leading timber supplier to joiners, housebuilders and contractors, operating under a number of widely recognised brands. 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.”
Commenting earlier in the month, 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.”
